ADB holds 38TH Annual General Meeting

Agricultural Development Bank (ADB) Plc has held its 38^th Annual General Meeting (AGM) with an unwavering commitment to making the Bank among the top 3 performing banks in Ghana. The AGM took place at the Bank’s Head Office.

In his address, the Board Chairman, Mr. Kenneth Kwamina Thompson highlighted the Bank’s strong performance in 2024, noting that ADB delivered impressive growth across its core operational and financial indicators, underscoring the Bank’s resilience and strategic progress during the year under review.

2024 performance

In 2024, ADB achieved strong growth in assets and deposits and delivered a remarkable turnaround in profitability after a heavy loss in 2023. Total assets grew from GHS 9.31 billion in 2023 to GHS 14.60 billion in 2024, a 57 percent improvement, that reflects significant balance sheet expansion and improved capacity to support operations and investments.

The Board Chairman noted that the bank reversed its loss position of GHS (828.8 million) in 2023 to achieve a net profit of GHS 35.06 million in 2024. A remarkable 104% turnaround, demonstrating operational improvements and effective cost control, though profitability remained modest relative to peers.

On the deposit side, customer deposits also grew strongly by 41%, from GHS 8.55 billion to GHS12.05 billion, highlighting improved customer confidence and stronger mobilization efforts. The loan book contracted by 12 percent, falling from GHS 2.94 billion in 2023 to GHS 2.57 billion in 2024, a decline that suggest tighter credit conditions or cautious lending in response to elevated credit risk.

“The bank also made significant strides in improving its capital adequacy ratio, though it remains below regulatory requirements. Key challenges persist in the areas of loan book contraction and high non-performing loans continue to constrain credit growth and profitability potential”, he stated.

Mr Thompson also commended the Management and staff for their determination and hard work at turning around the Bank and was optimistic for higher growth in subsequent years.

In his report, the Managing Director, Edward Ato Sarpong, attributed the Bank’s achievements to a customer-centric approach, digital transformation, and staff dedication. He stressed that the Bank had deepened its financial inclusion agenda through digital banking platforms, enhanced internal controls, and the adoption of Environmental, Social, and Governance (ESG) practices in line with the Bank of Ghana’s Sustainable Banking Principles.

He explained that prudent management of the bank’s loan portfolio led to further downgrades and related provisions, resulting in the non-performing loan (NPL) ratio rising to 75.26% in 2024, from 70.25% in 2023.

“This remains a critical area of concern and to address credit risk pressures, we have strengthened our credit risk management framework and introduced robust recovery mechanisms to reduce NPLs”, he added.

Strategic Direction

The ADB MD announced that a new Strategic Plan has been launched which was aimed at positioning ADB among the top three banks in Ghana by the end of the plan period.

“The strategy focuses on innovation, competitiveness, operational and service excellence, and distinctive financial solutions. Its pillars include Talent, Processes, Business Model, Culture, New Markets, Leadership, and Technology, underpinned by our new values: Responsibility, Entrepreneurship, Service Excellence, Integrity, and Purpose-Driven”, he mentioned.

He pledged leadership commitment to measurable results through operational transformation, enhanced governance, and a responsive business model while remaining focused on national economic growth, particularly in agribusiness and community development, as well as ensuring equitable opportunities and responsible leadership.

Beyond Banking

Beyond financial results, Mr Ato Sarpong reaffirmed leadership commitment to inclusive economic growth, support for agribusiness and MSMEs, equal opportunities, and embedding ESG principles across our operations.

“We are confident in our ability to deliver on this ambitious agenda, anchored in operational efficiency, innovation, and a firm commitment to social value creation. ADB enters this new era with realistic optimism, clear focus, and strong conviction in our capacity for sustainable, long-term success.

Our new tagline, “ADB, Beyond Banking,” reflects our renewed purpose: Redefining Banking, Empowering Businesses, Building Futures, Driving Prosperity, and Nurturing Communities creating sustainable value for everyone.

The meeting ended with shareholders approving all tabled resolutions by the shareholders.

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