{"id":58781,"date":"2023-11-05T06:52:47","date_gmt":"2023-11-05T06:52:47","guid":{"rendered":"https:\/\/www.africa-press.net\/ghana\/?p=58781"},"modified":"2023-11-05T06:42:47","modified_gmt":"2023-11-05T06:42:47","slug":"adb-plc-unaudited-summary-financial-statements-for-september-30-2023","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/ghana\/all-news\/adb-plc-unaudited-summary-financial-statements-for-september-30-2023","title":{"rendered":"ADB PLC unaudited summary financial statements for September 30, 2023"},"content":{"rendered":"

Africa-Press – Ghana. <\/strong><\/span>ADB has released its Unaudited Summary Financial Statements for the period ended September 30, 2023.<\/b>
\n1. General Information<\/b><\/p>\n

Agricultural Development Bank Limited PLC is a bank incorporated in Ghana. The registered office of the bank is located at Accra Financial Centre, 3rd Ambassadorial Development Area, Accra. The Agricultural Development Bank PLC operates with a universal banking license that allows it to undertake all banking and related services. The Bank is listed on the Ghana Stock Exchange.<\/p>\n

2. Summary of Significant Accounting Policies<\/b><\/p>\n

The principal accounting policies applied in the preparation of these condensed financial statements are consistent with the accounting policies applied in the audited financial statements of the bank. The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board. Additional information required by the Companies Act, 2019 (Act 992) and the Bank and Specialised Deposit-Taking Institutions Act, 2016 (Act 930) have been included where appropriate. The financial statements have been prepared on a historical cost basis except for the following material items; buildings which are carried at revalued amounts and fair value of Equity Investments through Other Comprehensive Income.<\/p>\n

3. Functional and presentation currency<\/b><\/p>\n

These financial statements are presented in \u201cGhana Cedis\u201d, which is the Bank\u2019s functional currency and has been rounded to the nearest thousand.<\/p>\n

4. Use of judgements and estimates<\/b><\/p>\n

In preparing these financial statements, management has made judgements, estimates and assumptions that affect the application of the Bank\u2019s accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates, Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised prospectively.<\/p>\n

5. Contingent Liabilities<\/b><\/p>\n

Guarantees and indemnities.<\/p>\n

Letters of credit.<\/p>\n

6. Quantitative Disclosures.<\/b><\/p>\n

Capital Adequacy Ratio<\/p>\n

Non performing loans to gross loans<\/b><\/p>\n

Liquid ratio.<\/p>\n

Common Equity Tier 1.<\/p>\n

Leverage ratio.<\/p>\n

7. Default in statutory requirments and accompanying sanctions:<\/b><\/p>\n

For the period under review, the bank did not record any statutory liquidity breaches and therefore did not incur any sanctions. However the bank recorded other regulatory breaches as shown below:<\/p>\n

2023<\/b><\/p>\n

GH\u00a2\u2019000<\/p>\n

2022<\/p>\n

GH\u00a2\u2019000<\/p>\n

56,885<\/p>\n

42,190<\/p>\n

42.140<\/p>\n

250.330<\/p>\n

99,025<\/p>\n

292,520<\/p>\n

======<\/p>\n

2023<\/p>\n

2022<\/p>\n

%<\/p>\n

%<\/p>\n

1.35<\/p>\n

10.46<\/p>\n

34.01<\/p>\n

25.08<\/p>\n

91.94<\/p>\n

82.52<\/p>\n

(1.65)<\/p>\n

8.60<\/p>\n

(0.94)<\/p>\n

6.10<\/p>\n

(i) Sanctions (GHS\u2019000).<\/p>\n

(i) Default in statutory liquidity.<\/p>\n

Other regulatory breaches<\/b><\/p>\n

(i) Sanctions (GHS\u2019000).<\/p>\n

(ii) Number of breaches.<\/p>\n

8. Corporate Social Responsibility<\/b><\/p>\n

GH\u00a21000.<\/p>\n

GH\u00a2\u2019000.<\/p>\n

Nit.<\/p>\n

Nil.<\/p>\n

NI.<\/p>\n

Nil.<\/p>\n

12,036.<\/p>\n

17.<\/p>\n

A total amount of GHS3,906 (September 2022: GHS 2,881) was spent in respect of Corporate Social responsibility for the period ended 30 September 2023; these included sponsorship for Best farmer award, donation to schools and others of national interest.<\/p>\n

9. Risk Management<\/b><\/p>\n

The Bank\u2019s activities expose the business to risks. The Bank has exposure to the following types of risks: credit risk, liquidity risk, market risk and operational risk. It is therefore a fundamental responsibility of management to ensure that all the risks associated with each class of business, each product and each type of transaction are identified and managed as well as the risks associated with the conduct of the bank\u2019s affairs. These inherent risks are managed through a process of on-going identification, measurement and monitoring, subject to risk limits and controls. This process is critical to the Bank\u2019s continued profitability.<\/p>\n

Approval of the Financial Statements<\/b><\/p>\n

The financial statements of the Bank were approved by the Board of Directors on October 26, 2023 and were signed on their behalf by:<\/p>\n

Partile Aygun<\/p>\n

Daasebre Akuamoah Agyapong I<\/p>\n

Chairman<\/b>
\n\u0627\u0644\u0648\u0639\u064a\u062f<\/b>
\nAlhassan Yakubu -Tali Managing Director<\/b><\/p>\n

Source: News Ghana<\/b><\/p>\n

For More News And Analysis About Ghana<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Ghana. ADB has released its Unaudited Summary Financial Statements for the period ended September 30, 2023. 1. General Information Agricultural Development Bank Limited PLC is a bank incorporated in Ghana. The registered office of the bank is located at Accra Financial Centre, 3rd Ambassadorial Development Area, Accra. The Agricultural Development Bank PLC operates […]<\/p>\n","protected":false},"author":84,"featured_media":58779,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,6],"tags":[5092,5096,429],"class_list":["post-58781","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-files","tag-africa-press","tag-africa-press-ghana","tag-ghana"],"yoast_head":"\nADB PLC unaudited summary financial statements for September 30, 2023 - Ghana<\/title>\n<meta name=\"description\" content=\"ADB has released its Unaudited Summary Financial Statements for the period ended September 30, 2023.1. 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