At a
time when the banking industry in the Gambia is witnessing fierce competition
within a relatively small market, one among 13 commercial banks operating in
the country, Guaranty Trust Bank said it has yielded “remarkable results” as of
December 31, 2010.
This
puts the bank among the strongest in the industry and shows a growing balance
sheet through increased profit, enhanced deposit portfolio and increased
shareholders fund.
“In
spite of the challenges posed by the global financial crisis and keen
competition in the Gambian banking industry, Guaranty Trusty Bank (Gambia) Ltd
has posted remarkable results for the year ended 31 December 2010,” a statement
from the bank said.
In
July 2011, the bank released its 2010 audited account after its Annual General
Meeting, which indicated that GTBank’s profit before tax, rose by 6 percent
from D75 million in 2009 to D79.5 million in 2010, while gross earnings grew by
6.6 percent from D349 million in 2009 to D372 million.
The bank’s strategy to streamline asset size in the face of a tightening local economic conditions and to remain more efficient has yielded dividend in 2010 as the total asset of the bank recorded a growth, though marginal, from D1, 941 million in 2009 to D1, 958 million in 2010.
The bank’s strategy to streamline asset size in the face of a tightening local economic conditions and to remain more efficient has yielded dividend in 2010 as the total asset of the bank recorded a growth, though marginal, from D1, 941 million in 2009 to D1, 958 million in 2010.
It
added that its loan portfolio grew by 33 percent from D520 million in 2009 to
D692 million in 2010 while total deposit liability increased by 7 percent from
D1.4 billion to D1.5 billion.
GTBank
being the first and only bank to have successfully consummated loan syndication
in the history of the Gambia banking industry in the year 2010 said it continues
to give good returns to its shareholders as it declared a dividend payment of
D39.5million to shareholders representing about 22 bututs per share (21 bututs
per share in 2009).
The
“butut” is Gambia’s lowest currency denomination.
The
bank also said it has raised its paid-up capital to D180 million, thereby
surpassing the D150 million minimum capital requirement for banks in The
Gambia. The Shareholders Funds at the end of 31 December 2010 was D232 million.
GTBank’s
Managing Director Mr Olalekan Sanusi said “in spite of the backdrop of the
difficulties and uncertainties that dominated the year 2010 in the world, the
performance of GTBank owes itself to two key factors.”
“The
first and of course most manifesting has been the growing confidence in the
brand, as our customer sign on rate went up phenomenally in the year. The
second and fundamental to the continued success of GTBank in The Gambia, is the
untiring determination of our highly motivated, loyal, well trained and
aggressive team to do well amidst difficulties.”
Author: Modou S. Joof for The Voice newspaper
Wonderful blog! Do you have any helpful hints for aspiring writers?
ReplyDeleteI'm hoping to start my own website soon but I'm a little lost on everything.
Would you suggest starting with a free platform like Wordpress or go for a paid
option? There are so many choices out there that I'm completely overwhelmed .. Any recommendations? Many thanks!
Here is my site: health Care (Florenciorshc.Tumblr.com)