Trust Bank Gambia Limited has continued to register impressive results for stakeholders of the bank.
Out to be the leading bank in The Gambia, Trust Bank increased its profit before tax (PBT) by 50% to D187 million in 2013 from D125 million in 2012, whilst its profit for the year under review increased to D114 million from D67 million in 2012.
Its net interest income was also increased by 22% to D260 million from D214 million in the same period, whilst total assets increased by 10% to D4.6 billion in 2013 from D4.2 billion in 2012. Customer deposits grew by 9% to D4.1 billion in 2013 from D3.7 billion in 2012, and loans and advances increased by 2% to D1,038,025,000 from D1,020,196,000 in the same period.
The bank’s total dividend per share also increased to 50 bututs in 2013 from 40 bututs in 2012.
Giving a rundown of the bank’s performance at its 16th AGM held at the Kairaba Beach Hotel on 4 June, Trust Bank Chairman Ken Ofori-Atta said: “I also proudly announce that our Non Performing Loan (NPL) ratio is now down to 1%. This ratio was at an all time high of 18% in 2007 and we have been on a quest to work it down over the last few years.
“As a result of our desire to become a more responsible lender, our employees have been trained to offer the necessary advice and support to help customers manage their borrowing; today this has yielded favorable results for both improved profitability and also a much healthier balance sheet.”
He said Trust Bank is focused on growing and maintaining a successful business to create value for all its stakeholders and contribute to the wider economy.
He also highlighted several credentials as testimony to the achievement of their objectives.
“We are a major employer in the banking industry with 337 employees,” he pointed out. “In 2013, salaries, pension contributions and other staff costs totaled over D127 million.
“Over D65 Million was paid to government in corporate taxes alone. We hold the most deposits which account for 27% of total deposits mobilized by the industry; we are the biggest lenders with our loan book accounting for 18% of total credit extended by the industry; we are once again the most profitable bank in the industry and we have the largest balance sheet.
“Your Bank, thanks to the staff, has made significant and impressive progress. We shall continue to push for even stronger results and growth.”
These, he added, could only be achieved by “aggressively investing” in their business in technology, infrastructure and human capital.
Mr Ofori-Atta also highlighted their equity investments, saying Trust Bank’s wholly owned subsidiary, Bayba Financial Services Ltd, completed its third year of operation in December 2013 with a “superior performance” of profit after tax of D23 million in 2013 compared to a profit of D9 million in 2012.
“Dividends of D4.5 million were paid to the bank from the financial results of 2012 and it is expected that a payout ratio of at least 50% on profit after tax will also be made this year,” the bank’s chairman said.
Corporate Social Responsibilities
Trust Bank over the years has adhered to its responsibility to make significant contribution to socio-economic development in The Gambia, as it has been able to impact all essential facets of communities they operate, especially in education, health and disaster recovery.
In his remarks on the occasion, the bank’s Managing Director Pa Macoumba Njie said: “As the homegrown Bank, we can never forget that it is our responsibility to make a real contribution to economic and social development of the community in which we operate, and that our ability to do so is fundamental to our success in delivering sustainable value to our shareholders.
“The Bank has been fulfilling its social responsibilities by actively participating in activities aimed at humanitarian causes mainly in the areas of education, healthcare, social services and disaster recovery.
“In 2013, in partnership with Social Security and Housing Finance Corporation, we repaired the link road between the RVTH Sanatorium and the main highway at a total cost of D2.7 Million.
“Also in support of the health sector we donated 6 computers to Bwiam hospital and helped with the refurbishment and maintenance of the Leman Street Clinic. You might recall that in the year 2005 we undertook a major refurbishment of the Clinic.
‘We also made a donation of D150,000 to the Farafenni Hospital for the purchase of hospital supplies.
“In the area of education, we awarded laptops and monetary prizes to the top ten outstanding students in the West African Grade 9 examinations, donated D100,000 to The Gambia Senior Secondary School and awarded prizes to many other schools during their speech and prize giving ceremonies.
“We also donated D150,000 to the National Disaster Management Association as our contribution towards helping victims of flood, fire and other disasters. Overall in 2013, we spent over D4.5 Million in these various sectors.”
In doing all these, MD Njie noted, they have not forgot the fact that developing human resource is fundamental to the continual growth and development of the bank in all spheres of banking operations.
He added: “The success of your bank in the financial year 2013 is the aggregate of the tenacity, loyalty and commitment of our staff. I would like to thank every member of the team for the dedication and consistency which has no doubt significantly contributed to the growth and progress of the Bank.
“Our Human Resources philosophy will continue to revolve around recognizing and enhancing the inherent human potential in every employee through training and mentoring.”
Mr Njie took the opportunity to thank all stakeholders for the various roles they have played in making the bank what it is today.
He thanked especially members of the Board for their valuable support and guidance, as well as the Central Bank of The Gambia, shareholders and customers and the Trust Bank team.
On the bank’s outlook, he said: “Our objective remains the same. We want to make this Bank a great place for our people to work, a great place for our esteemed customers to do business and provide a great return on the investment of our shareholders.”
MD Njie himself was highly honoured with a remarkable award for his selfless service and leadership acumen in leading the bank to prosperity and greatness since he took up the reins of administration in the bank in 2000.
“As Africans, we too often tend to heap praises on our heroes only in obituaries. The board has decided to celebrate Pa and his remarkable achievements even in this period of Joy!” said the bank’s Chairman Ken Ofori-Atta, whilst undertaking the pleasant assignment of eulogizing MD Njie and bestowing on him the award, presented by Madam Senor Thomas of Royal Insurance Gambia Limited.
