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Saturday, July 4, 2020

Trust bank reports 4% rise in profit

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By Tabora Bojang

The Managing Director of Trust Bank, Ebrima Salla, has revealed that his bank’s annual profit before tax increased by 4 % to 121 million in 2017.
MD Salla made the remark at the twentieth annual general meeting of the bank held at Kairaba Beach Hotel in Kololi last evening.

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TBL which sells itself as ‘the proud Gambian’ bank paid an interim dividend of 0.15 and has proposed a final dividend of 0.15 shares for the year resulting in a total payout of D60 million to its shareholders.
MD Salla said: β€œThe bank’s reported profit before tax increased by D5 million or 4% to D 121 million for the year under review. The reported operating expenses of D405 million were D30 million or 8 % higher due largely to an increase in depreciation and general expenses.”
”Reported net interest income of D358 million was D20M or 6% higher partly reflecting a movement in investment securities of 355 million.”

According to him, The Gambia’s economic prospects have improved markedly during 2017 with higher growth and much stronger macro-economic environment.
”Though there may be some frictions in adjusting to the new political and economic environment, the outlook for 2018 and beyond is expected to be more positive.”
”This is confirmed by the fact that so many national and international, financial, economic and political institutions that stopped relationships with the country are now returning, resulting in more investments,” he said.

Salla added, the bank will further develop its strategy to deliver value to its stakeholders within a governance framework that provides stability, prudence and effective over sight.
β€˜’As a leading bank in the country, not only are we well placed to benefit from these opportunities, we have a key role to play in shaping them to ensure maximum value creation. This is essential to our survival and keeping with our brand promise of being proudly Gambian which highlights our commitment to playing a key role in the socio-economic development of the country,” he stated.

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