Trust Bank Limited has made a profit record of 124, 160 million dalasis in 2018, compared to 120, 772, 000 in 2017 and 115, 725 in 2016.
Presenting the bank's annual report and financial statements for the year ended 31st December 2018 during their Annual General Meeting last week, managing director Ibrahima Salla said throughout the year, the bank group has maintained a prudent approach to managing risk, growing the balance sheet and improving efficiency and profitability amidst a challenging economic environment.
He said a central bank of The Gambia monetary committee report of February 2019 indicated that global economic growth was weakened in 2018 compared to previous years and balance of risk tilted downside amid escalating trade tension, tightening financial condition and policy uncertainty. "The International Monetary Fund (IMF) estimated global economic growth to have moderated to 3.7 percent in 2018."
Mr. Salla said from the 3.8 percent in 2017, growth is projected to moderate further to 3.5 percent in 2019 predicated on the declining growth prospects for advance economic and the emerging markets and development economics. "There was a down estimated 2.3 percent in 2018 to 2.0 percent in 2019 and 1.7 percent in 2020 due to largely downward revision for the Euro area. The economic growth in the Euro area is set to moderate from 1.8 percent in 2018 to 1.6 percent in 2019 and 1.7 percent in 2020."
He said the banking industry continued to be profitable, well capitalised and liquid with higher credit uptake by the private sector contributing to the growth in industry assets by 15.3 percent to 43.6 billion dalasis from the previous years. "The asset quality also improved with non-performing loan ratios trending at 3.3 percent compared to 7.2 percent from a year ago."
Bank chairman Mohamadou Manjang said their ability to deliver on target is predicated on being able to help their customers manage their present circumstance and fulfill "our" performance in 2018. "This demonstrated the underlying health of the business and the potential of our strategy."
Mr. Manjang said despite a challenging external environment in 2018, the bank delivered increased profits and achieved a higher return on tangible equity in 2018, saying there is appreciable in the group balance sheet size with total assets increasing by 7.23% or GMD44 million with core business activities of loans, advances and deposits grew by 6% and 9% respectively.
He said TBL has been and will continue to participate in the area of corporate social responsibilities in their identified areas of health, education, sport, and environmental disaster recovery assistance.