This growth, he said, demonstrate the bank’s ability to capitalise on market opportunities, enhance customer trust and expand their portfolio.
Mr Franklin Hayford was speaking on Thursday during the twenty-seven Annual General Meeting (AGM) held at Ocean Bay Hotel, Cape Point.
The annual AGM, which attracted board members and shareholders was meant to review and adopt the Annual Report and Consolidated Financial Statement for the year ended 31st December 2024.
Addressing the gathering, Mr Hayford said the AGM marks an important occasion for the bank to share the progress made and the strides taken and the strategic direction they are pursing as they move forward.
“The Year 2024 has been one of both challenges and opportunities. While navigating a volatile global environment and ongoing domestic adjustments, Trust Bank has yet again showcased resilience, adaptability and strong commitment to creating value for our stakeholders.”
Commenting on the global economic outlook, board chair informed that the global economy in 2024 has been marked by ranged of challenges, citing geopolitical tensions, supply chain disruption, ad inflationary pressures continue to pose risks to stability, particularly in emerging markets.
“However, recovery efforts in developed markets have provided a glimmer of hope for growth. As the global economy adapts to this new normal, technological innovations, particularly in digital banking, automation and artificial intelligence, are set reshape industries and unlock new economic opportunities.”
Gambian economic overview
He reminded that the Gambian economy has shown commendable resilience in 2024, despite facing external and domestic challenges.
According to the latest data from the Gambia Bureau of Statistics, the economy grew at 5.6 % in 2024, supported by strong performance in agriculture, services and tourism.
He observed that the country’s continued recovery from the pandemic has been bolstered by government initiatives aimed at enhancing economic stability and fostering infrastructure development.
“The Central Bank of The Gambia (CBG) adopted a cautious approach to monetary policy in 2024 focusing on controlling inflation while maintaining financial stability, adding that in line with global trends in addressing inflationary pressures, the CBG kept its policy rate at 17%throughout 2024.”
The Group’s performance
On the group’s performance, Hayford also maintained that the bank’s performance in 2024 has been characterise by solid growth across key financial metrics, further demonstrating the strength of the bank’s strategy, operations and team.
“Our interest income rose significantly, increasing from D820 million in 2023 to D1.1bilion in 2024. This growth reflects our continued focus on prudent lending practices and optimising investment returns. Our profit before tax has increased from D364 million in 2023 to D463 million in 2024. This improvement is largely due to strong lending growth, effective cost management and strategic investments. Despite, the challenging operating environment, our core business activities have remained strong.”
Equally, he lauded their strong performance in deposit growth, saying their deposit grew from D10 billion in 2023 to D10.7 billion in 2024.
This strong performance, he said, indicates continued customer confidence and the effectiveness of their deposit mobilization strategies.
Core Software Banking Upgrade
Commenting in that aspect, Hayford recalled that in 2024, the bank successfully upgraded its core banking system, flexcube, from version 12.2 to 14.6.
“While, the upgrade was seamless, we encountered some disruption with our e-banking channels due to simultaneous upgrades. We sincerely thank our valued customers for their patience during this period. Your loyalty reassures us of our commitment to improving our services and ensuring a seamless banking experience in the future.”
Furthermore, he said, this upgrades also highlight their dedication to digital transformation as they strive to provide innovative and efficient banking solutions.
Mr Hayford also talked about their risk management and governance, sustainability initiatives, employee development and wellbeing, highlighting that the bank remained committed in fulfilling its Corporate Social Responsibility.
“Trust Bank remains deeply committed to its role a s a responsible corporate citizen. In 2024, we continued to expand our CRS initiatives, focusing on health, education, sports, environmental sustainability and disaster relief. In recognition of our efforts, I am proud to announce that Trust Bank was awarded the Best Corporate Social Responsibility Award for the financial year 2023 in West Africa at a prestigious award held in Freetown, Sierra Leone in February 2025.”
This accolade, he said, is a testament to their dedication to driving meaningful social change and supporting the communities in which it operates.
Aminata Bouy, engagement manager at PKF Accountants and Business advisers, also presented the independent auditors report, and that they’ve audited the consolidated financial statements of the bank and its subsidiaries (the Group), which comprise the consolidated statements of financial position as at 31st December 2024.
She also revealed that this includes statements of profits or loss and other comprehensive income, the statement of change in equity and the statements of cash flows for the year then ended and the notes to the financial statements including a summary of significant accounting policies.
“In our opinion, the consolidated financial statements present fairly, in all material respect, the consolidated financial position of the Group’s as at 31st December 2024 and its consolidated financial performance and the consolidated cash flows for the year then ended in accordance with International Financial Reporting Standards (IFRS) and the requirements of the Companies Act of 2013 and the Banking Act, 2009.”
However, the AGM also accord officials the opportunity to declare final dividend of 55 bututs (fifty-five bututs) per share for the year ended 31st December 2024.
