Trust Bank’s performance rise to D6.154B

Monday, June 11, 2018

The chairman of Trust Bank Gambia Ltd., Mohamadou Manjang has disclosed that the performance registered by bank has risen from D5.208 to D6.154 billion.

He said shareholders funds are almost three quarter of a billion, making the bank well capitalised for growth.

He made this disclosure this during the bank’s annual general meeting held at the Kairaba Beach Hotel last Thursday.

Trust Bank’s mission is to be the leading bank in the Gambia by operating a profitable banking institution, which meets the needs of all local, international, corporate and individual clients and returns excellent results to its shareholders, he said.

To achieve this, he added the bank shall continue to set new standards by delivering quality services and innovative products with an inspired team dedicated to serving its customers, environment and community at large in the most caring manner.

According to the Monetary Policy Committee report, the banking sector remains well capitalised, highly liquid and also profitable, with total assets of the industry expanded from D32.6 billion in December 2016 to 37.8 billion in December 2017.

He added that the liquidity ratio of the banking industry stood at 92.9 percent in December 2017, also significantly higher than the requirement of 30 percent.

Mr. Manjang further stated that the significant decline in the yields on treasury bills over the last year and half will weight a lot on industry profitability over the short to medium term  especially given how liquid the industry is.

Regarding dividends; he stated that the board paid an interim dividend of D0.15 per share and has proposed a final dividend of another D0.15  per share  for the  year resulting in a total  payout of D60 million to its shareholders.

On corporate responsibility; Mr. Manjang stated that the bank has been a proven champion in the fulfillment of its corporate social responsibility.  He said trust bank always prided itself on their ability to make sustainable differences in our hospitals, schools and the most vulnerable in our communities.  The bank, he said has always recognise its responsibility as a local bank and being committed to supplementing government efforts in nation building and has spent total of D3,352,574.50 on cooperate social responsibility .

Regarding the outlook; he said the future of the banking in The Gambia continues to be challenging, but with the re-establishment of close multilateral and bilateral relations, it brings growing confidence in the financial and economic climate amongst others. The future of banking and other economic activities in the country looks promising, he added.

Author: Abdoulie Nyockeh