ADB records 36% profit decline in first quarter 2020

Agricultural Development Bank of Ghana has reported a decline in its 2020 first-quarter profit, according to a statement the company filed to the Ghana Stock Exchange.

Net profit for the company decreased to 13.300 million cedis compared to 20. 826 million cedis made during same period last year.

This represents a 36 percent fall in profit compared to quarter 1 of 2019.

Operating revenue stood at 126.871 million cedis during the period, from 112,157 million cedis from a year ago, the statement showed.

Analysts said the profit decline can be blamed on the impact of the coronavirus pandemic.

Few months ago Agricultural Development Bank Limited announced the conversion of GH¢150 million subordinated debt into equity.

The debt, owed to the Bank of Ghana, was converted at a price of GH¢3.25 per share, resulting in the issue of 46,153,846 new ordinary shares.

This move increased the total number of ordinary shares in issue will increase to 346,952,253 shares of no par value.

Below is the 2020 Q1 financial statement of ADB