In his review statement of the bank’s performance for last year, Mr Humphrey Mukwereza explained: “This growth was achieved as a result of a new sales strategy that was implemented in 2013 and the ‘Who Wants to Be At Anfield?’ customer deposit campaign that we ran in the second half of 2013…The campaign afforded the bank the opportunity to enhance the SCB brand and our brand promise ‘Here for good’.”
CEO Mukwereza described 2013 as a challenging year “despite the sharp focus by the management team to leverage potential opportunities to drive performance. The improving global and local economic environment did not generate the level of activity and investment required to spur business performance. Combined with price movements in the currency, revenue performance was challenged whilst the pressure on cost was heightened. As a result, our income slipped marginally and we posted a lower pre-tax profit.”
He said The Gambia’s oldest bank “aim to make tangible progress on our five aspirations. The reorganisation of our business will make a difference, enabling us to put a sharp focus on the key priorities, optimising the deployment of capital and investments spend.”
He said the priorities of the bank in 2014 will include delivering profitable and capital accretive growth, innovating, digitising and simplifying in order to improve productivity and effectiveness, raising the bar on conduct and accelerating the next generation of leaders.
In his annual report, Momodou Senghore, chairman of the board of directors stated: “The business has grown substantially over the last decade and we continue to view Standard Chartered Gambia Ltd as an existing growth story. We will continue to support the growth of trade and wealth in our market and drive value for shareholders. While 2013 was a challenging year, I believe that we can remain in good shape to support our clients and customers, and the growth opportunities for the business remain compelling. We continue to support the growth of trade and wealth in our market, and drive value for our shareholders, making use of our competitive strengths and the opportunities we see. At the same time we have intensified our focus on conduct and we expect the right behaviours at all times. We are confident that we are well-positioned to drive further value for our shareholders. The core of our strategy remains essentially unchanged. We reaffirm our confidence in the growth potential of The Gambia market as well as reinforcing our focus on building deep relationships with our clients and customers as the foundation of our business. We are recommitted to a strategy of delivering sustainable economic growth.”
The financial statements revealed that the bank net a total income of D421.846 million in 2013 and profit before tax of D59.250 million.
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