Trust Bank Discloses Its 2011 Records

Mr. Ken Ofori-Atta is the Board Chairman of  Trust Bank

The 14th Annual General Meeting (AGM) of Trust  Bank Limited was held at the Kairaba Beach Hotel, the AGM was an opportunity for members to receive and adopt the Annual report and accounts for the year ended 31st December, 2011; to declare dividends; to appoint new directors  and their remuneration; to appoint the Auditors; and also to authorise the board to determine the remuneration of Auditors.  

All resolutions were given a clear bid without any hitches from members.  Mr. Ken Ofori-Atta is the Board Chairman of  Trust Bank Limited.  

In his statement, he said the Bank has recorded another encouraging performance in the year 2011.  

A profit after tax figure of one hundred and ten million dalasis (D110m) was posted as against the profit of Sixty-nine million dalasis (D69m) posted to the previous year, an impressive 57.5% increase accomplished by management and staff.  He said compared to the year 2010, total assets grew by 19%, investment grew by 40% while deposits grew by 20%.  The Bank’s market share in total deposits at 28% is 200 bases points higher than reported in the previous year, Ofori-Atta stated. Due to effective recovery measures and appropriate risks management practices  adopted by the management, the non-performing loan ratio improved to 9.57% as against 11% from the year before, according to him.

Though lending reduced by 16% as a result of management’s concern about asset quality, he told the AGM that it still accounted for 23% of credits extended in the industry.The performance in 2011 serves as a testament to the robust inspection and investment in personnel and technology that have been instituted by management which should lead to sustained growth in profits thereby maximising shareholder value into future.  

The Board Chair further said Trust  Bank strives to be ahead in all spheres in their  industry with the ultimate goal of enhancing value for all its stakeholders.  

He told them that, it is this culture of excellence that has won the Bank numerous accolades from various institutions both within The Gambia and abroad. 

Ofori-Atta  stated that they remain The Gambia Chamber of Commerce and  Industry “Bank of the Year”, and they also won the prestigious award from the Banker Magazine for “Bank of the Year in The Gambia 2011”.

The Bank’s solemn pledge, he reminded them, is to digigently maintain these standards into the future. I attribute our successes to every “Trust Banker” for the  outstanding contribution towards ensuring institutional and operational excellence and exemplary execution. Congratulations for your hard work.”  

Chairman Ofori-Atta stated that the Gambia has made impressive progress implementing structural reforms, particularly in the areas of public financial management, debt management  and financial sector development. The TBL official  further acknowledged that  a good progress had also been achieved towards meeting several of the MDG’s, most notably in health and education.  

However, he admitted that poverty is still widespread,  he noted, adding  the continual global softness of the Tourism Sector and slow down inward remittances are the main downside risks the country faces going forward.

Over the last  few years, the  Central Bank of The Gambia, he observed, has implemented changes in legislation in a bid to move The Gambia closer to best practices in worldwide banking legislation and regulations. 

 Recent regulatory developments include: Reduction in cash reserve requirement ratio from 14% to 12% in 2o11; and increase in Minimum Capital Requirement from GMD200 million to be achieved by the end of the financial year 2012.  Another significant in the sector, he pinpointed is the work being done by CBG at improving the payments infrastructure, including a Real Time Gross Settlement System (RTGS), an automated cheque clearing system and a National Switch.  

Delivering his remarks at the AGM, the Managing Director of Trust Bank Limited, Mr. Macumba Njie said the ultimate objective of the management is to equip Trust  Bank with more stability and growth through four key parameters namely; a healthy and diversified advances portfolio, a strong deposit growth comprised of a higher mix CASA accounts (current and savings accounts), strong net interest margin earning and low non performing loan ratios.  

MD Njie also said the Bank continued to empower the community through socio economic development of underprivileged and weaken sectors, especially in the areas of health education and sports.

This year, he said, the Bank spent D1 Million in the health sector, and another D1.3Million in other key sectors notably education, sports and disaster recovery as part of their corporate social responsibilities.  

Trust Bank has a total of 15 branches countrywide with 303 staff registering a total of 1,006 shareholders.  

Mr. Muhammed Lamin Gibba, MD of SSHFC and Mr. Abdoulie Cham, are the new members who joined the board in June 2011.