The Agricultural Development Bank (ADB) PLC has made significant progress in its efforts to recover non-performing loans (NPLs), successfully retrieving over GHS 514.99 million within the first nine months of 2024. This recovery is a key part of the bank’s two-year corporate strategy, aimed at strengthening its financial position by addressing legacy bad loans.
From January to September 2024, the bank undertook an aggressive recovery initiative that led to the retrieval of more than GHS 500 million in NPLs. This achievement highlights ADB’s commitment to cleaning its books, improving lending practices, and implementing robust risk management to ensure the bank’s long-term financial health.
Alhassan Yakubu-Tali, Managing Director of ADB, credited the success of this recovery campaign to the bank’s newly strengthened Recovery Department and its strategic focus on reclaiming overdue loans. He emphasized that the recovery exercise is part of the bank’s larger recapitalization plan, which aims to enhance shareholder value and protect customer interests.
“Our proactive approach to loan recovery has yielded positive results,” Yakubu-Tali said. “We will continue to work in alignment with regulatory bodies to ensure the soundness of our loan portfolio while maintaining the highest standards of risk management.”
The recovery efforts have significantly reduced the bank’s non-performing loans, boosting confidence in its financial stability. According to the General Manager of Recoveries, Sylvia Nyante, this progress reflects the dedication of all stakeholders and management’s decision to prioritize the recovery of historical bad loans.
Nyante emphasized that the bank is fully committed to achieving total recovery and will continue to work closely with stakeholders to ensure the ongoing success of the initiative.
ADB is recognized as one of Ghana’s leading universal banks, particularly in the agribusiness sector. It has demonstrated strong financial growth in key areas such as deposits, profitability, and asset expansion. Recently, the bank was honored with five-star awards at the CIMG Customer Satisfaction Index Report Launch and Awards Night, further solidifying its reputation for excellence in customer service and financial performance.
SOURCE: ADB
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