20th ANNUAL GENERAL MEETING OF TRUST BANK LTD

20th ANNUAL GENERAL MEETING OF TRUST BANK LTD

6/12/2018 11:04:00 AM

Trust Bank Ltd held its 20th Annual General Meeting (AGM) on Thursday the 7th June 2018 at the Kairaba Beach Hotel.

AGM

The AGM was well attended by a cross section of staffs, the general public, the media fraternity and shareholders who used the occasion to scrutinize the annual report and also urge the Board and Management of the Bank to continue to transform the Bank and consolidate our status as the leading Bank in the Gambia.

Proceedings were lead by the new chairman of the Bank- Mr. Mohamadou Manjang who took over following the retirement of Mr Ken Ofori-Atta (the former chairman). 

The Managing Director of Gambia Ports Authority (GPA)-Mr. Abdoulie Tambedou was unveiled and introduced as a new non-executive member of the Board of Directors of Trust Bank Ltd.

Three other non-executive Directors -Mr. Abdoulie Cham, Mrs. Angela Andrews-Njie and Mr. Pa Macoumba Njie retired but were re-elected as Directors to the Board.

The Chairman proposed a final dividend of 15 bututs per share which brings the total dividends to 30 bututs for the 2017 financial year representing a total payout of GMD60 million after a statutory transfer of 15% to reserve.

The Bank’s Annual Report and Consolidated Accounts for the year ended 31st December 2017 were both received and adopted. AGM

The banks earnings for 2017 show a modest increase in pretax profits and according to the Managing Director- Mr. Ibrahima Salla;

“Your Bank’s reported profit before tax increased by D5M or 4% to D121M for the year under review. Reported operating expenses of D405M were D30M or 8% higher due largely loan increase in depreciation and general expenses. Reported net interest income of D358M was D20M or 6% higher, partly reflecting a movement in investment securities of D355M (2016: D335M)”.

AGM

In explaining the performance of the Trust Bank group, Mr. Salla said;

“the group profit comprising of those from Trust bank Ltd, BAYBA, and 60% owned Home Finance Company Ltd amounted to D128m (2016: D122M). However, with the materially reduced interest rates implemented by the bank in accordance with initiatives from The Central Bank of the Gambia the bank was able to amass a profit after tax of D85M for the year ended. While this year’s results show a modest increase in pretax profits, I should point out that our major sources of incomes (i.e. interest received, foreign currency gains and remittances) were materially affected by the significant drop in Treasury Bill and lending rates and also as a consequence of current challenges in the foreign currency market brought about by the ongoing de-risking by overseas Banks. This could be seen or corroborated in the financial performances reported by our own subsidiaries and related stakeholders. However, it is important to note this decline is in consonance with the required adjustment to the new environment and that the bank has taken steps to recalibrate its strategy and approach to re-position the bank for strong profitability growth going forward”.

AGM

Mr. Salla further highlighted the Bank’s unrestrained commitment to the tag line of being “proudly Gambian”;

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“The bank is a house-hold name across the length and breadth of the country in part because it is well renowned for its corporate social responsibility work in the country. The areas mainly supported under this platform are in education, health, sports, and the environment with our interventions often taking the form of cash contributions and in kind considerations including concessions or rebates in our business dealings or relationships. In the year 2017, our total interventions amounted to overD3.3 million as highlighted in the chairman’s statement”.

The Managing Director concluded by assuring the shareholders that the bank is focused on sustaining resilience by enhancing reputation and performance and will further develop strategies to deliver value to all of stakeholders within a governance framework that provides stability, prudence and effective oversight.

AGM
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