The Agricultural Development Bank PLC (ADB) has doubled its investment in Corporate Social Responsibility (CSR), achieving significant growth in its unaudited financial performance as of September 2024.
The bank, which has previously won the Ghana Banking Award’s Most Socially Responsible Bank and the Best Corporate Social Responsibility Bank title at the Ghana Business Awards, has committed GHS5.375 million to CSR activities for the period ending September 30, 2024. This represents a notable increase from the GHS3.906 million allocated during the same period in 2023. According to its published Q3 financial report, ADB’s CSR contributions supported a range of initiatives, including sponsorship for the Best Farmer Award and donations to schools and projects of national interest.
Alhaji Alhassan Yakubu-Tali, Managing Director of ADB PLC, highlighted that this enhanced CSR spending aligns with the bank’s commitment to serve its customers and positively impact society. “By increasing our social investments, we aim to help alleviate poverty, foster sustainable growth, and make a lasting impact,” he emphasized.
The bank’s CSR efforts focused on rural development, agriculture, support for vulnerable and disadvantaged groups, education, health, sports, culture, environmental initiatives, and other social causes. “Our work in these areas,” he said, “reflects our responsibility to contribute to the socio-economic progress of the nation and to support the communities that sustain us.”
ADB’s financial performance in Q3 2024 reflects impressive gains. The bank reported a profit before tax of GHC176.414 million, marking a significant rise from GHC26.999 million in Q3 2023, representing over 600% growth. The profit after tax for the period was GHC111.827 million, compared to GHC2.040 million in the same period last year. The bank’s liquidity ratio improved to 125.55% from 91.94% in 2023, while customer deposits grew from GHC7.75 billion to GHC11.15 billion.
Alhaji Yakubu-Tali expressed that the bank’s ongoing support for social initiatives has helped foster customer loyalty and that ADB remains committed to serving underprivileged groups and backing causes that align with its mission to empower communities across Ghana.
SOURCE: http://dew360.net
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