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Thursday, July 25, 2024

Standard Chartered Bank reaffirms Commitment at AGM

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On Thursday 21st June 2018, SCB Gambia Ltd held it’s 40th Annual General Meeting at Kairaba Beach Hotel. The Financial Controller, Mrs. Isatou Jagne-Kolley informed the meeting that the 2017 Operating Profit increased by 25% against prior year. The bank saw a significant growth in deposits, however income growth for the year was severely impacted by margin compression.

The Board Chairman, Mr Alpha Amadou Barry highlighted the bank’s strategic priorities. He said “the drivers of economic growth in The Gambia are gradually improving based on policies of the new administration and the demand for financial services is simultaneously expected to improve.

The CEO, Mr Olukorede Adenowo posited that the bank’s 2017 performance fell short of expectation and could not be compared to its historical performance. The bank has however remained resilient during a tough and challenging financial year in the country. He stated further that in 2017 the country faced a myriad of challenges including a political impasse that considerably depleted investor confidence leading to a tough economic environment. He went further to say that Banks saw a rapid drop in the government Treasury Bill rates from the second quarter of 2017. The combined outcome of these created challenges for the Banking Industry. He was quick to add that this was a lesson learnt and the bank is already implementing new strategic initiatives already yielding positive results.
The meeting was attended by the bank’s shareholders, External Solicitors, Ida D. Drameh & Associates, External Auditors, PKF and others.

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