Mr. John Kofi Mensah, MD of ADB

The Annual General Meeting of the Agricultural Development Bank (ADB) will come off tomorrow 12 August, 2021.

This is coming on the back of impressive financial performance last year and half-year 2021 results.

Shareholders of the bank are expected to receive and consider the financial statement and reports of directors and auditors for the year ended 31st December, 2021.

Other resolutions expected at the meeting include the appointment of new directors and the determination of the remuneration of external auditors.

Half-year profit shoots up to ¢55.7m

ADB recorded 80% profit in the first half of the year to ¢55.7 million.

This resulted in earnings per share (EPS) inching up by about 138.6% to 21.29 pesewas. During the same period last year, EPS was 8.92 pesewas.

According to unaudited half-year results, the impressive growth was occasioned by significant growth in net fees and commission and net interest income as well as reduction in Non-Preforming Loans.

Importantly, net fees and commission and net interest income grew by 51.4% and 26.1% to ¢45 million and ¢239 million respectively in June 2021.

ADB had benefited from capital injection from the Ghana Amalgamated Trust to turn around its fortunes.



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