Standard
Chartered Bank Gambia Limited Thursday held its 39th Annual General Meeting
(AGM) at the Kairaba Beach Hotel.
It
was revealed at the AGM, attended by board members and staff of SCB, among
others, that the bank made a profit before tax of D114 million in the year
ended 2016.
This
amount was 11 per cent higher than what was posted in 2015.
In
delivering a statement, Isatou Jagne Kolley, Financial Controller at Standard
Chartered Bank, said their operating income for the year under review was D526
million, a 2 per cent increase from 2015.
Mrs
Jagne Kolley explained that the 21 per cent increase in non-Funded Income more
than offset the 3 per cent drop in Net Interest Income that was posted.
According
to her, operating expenses at D416m was 0.5 percent lower than 2015 and cost to
income ratio was 79 per cent against 81 per cent in 2015.
She
said SCB posted a profit before tax of D114 million, 11per cent higher than
that posted in 2015.
Return
on equity was 16 per cent whilst return on assets was 2.6 per cent.
She
further alluded that the Balance Sheet as at end of 2016 remained highly
capitalised and liquid.
Capital
adequacy ratio stood at 47 per cent and liquid assets ratio was at 104 per
cent, she said, adding that earning per share was 36 bututs compared to 32
bututs in 2015.
According
to her, the bank has shown good progress against its strategic objectives
despite the numerous economic and political headwinds they were able to see a
year on year profit acceleration.
