The Agricultural Development Bank PLC (ADB) has doubled its commitment to corporate social responsibility (CSR), following significant gains in its unaudited statement of financial position as at September 2024.
Twice winner of the Ghana Banking Award’s Most Socially Responsible Bank and Best Corporate Social Responsible Bank at the Ghana Business Awards, ADB spent GH¢5,375 million in respect of corporate social responsibility for the period ended 30 September 2024.
“A total amount of GHS5,375 million (compared with September, 2023: GHS3,906) was spent in respect of Corporate Social responsibility for the period ended 30 September 2024; these included sponsorship for Best farmer award, donation to schools and others of national interest,” the bank said in its published financials for Q3.
The Managing Director of ADB PLC, Alhaji Alhassan Yakubu-Tali, noted that the increased in CSR investment reflects the bank’s mission to not only serve customers but also to contribute positively to society as a whole.
“By directing more resources toward social initiatives, we aim to continuously help reduce poverty, create a lasting positive impact, and support sustainable growth,” the MD stated.
Key areas of concentration included rural communities, agriculture, vulnerable or disadvantaged groups, underprivileged schools, environment, health, sports, culture and social/humanitarian.
The Managing Director noted that the Bank’s activities have a wider impact on society and contribute to the socioeconomic development of the country.
“This therefore imposes a duty on us to champion the need to support the very people who have contributed to the sustenance of the Bank. This duty also reinforces our mission to foster economic empowerment and sustainability across Ghana,” he said.
“We believe that ADB’s ability to support many social projects also plays a role in building customer loyalty and we would continue to support the less privileged and other just causes,” the MD maintained.
The bank’s published 2024 Q3 financial figures shows impressive profit before tax of GH¢176.414 million compared with GH¢26.999 million recorded during the same period in 2023, representing a profit growth of over 600 percent.
Profit after tax stood at GH¢111.827million for the period under review compared with a profit after tax of GH¢2.040 million recorded during the same period last year.
The liquidity ratio of the bank also grew from 91.94 percent in 2023 to 125.55 percent as at end of September, 2024, and deposits have also witnessed significant growth from GH¢7.75 billion to GH¢11.15 billion.
