Trust Bank Interest Income Grows from D666M to D820M

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By Sariba Manneh

The Chairperson of the Board of Directors of Trust Bank-Gambia Limited, Franklin Hayford, has stated that the bank’s interest and income has grown from D666 million to D820 million, signifying an uptick in the revenue generated from interest on loans and investments.

Mr. Hayford said this indicates effective lending strategies coupled with higher returns on their investments.

The bank’s performance in 2023 demonstrated huge progress in executing their strategy, he said, adding that the bank experienced growth across several key metrics, indicating overall positive performance.

The TBL Chairman, who presented the Bank’s annual report for the financial year ending 31st December, 2023, highlighted this impressive performance at the Bank’s Annual General Meeting (AGM) held at the Ocean Bay Hotel in Cape Point, Bakau.

“The profit before tax increase from D248 million to D259 million may seem modest, but it still demonstrates a positive trend,” he said, adding: “The group’s profits were affected by the D10 Million loss made by the subsidiary, Bayba Financial Services, in 2023, but overall, the group is managing its expenses well while improving its revenue streams.”

He stated further that the bank’s total assets increased from D10.4 billion to D11.5 billion, attributing it to organic growth in existing operations, loan quality, and favorable market conditions.

There has been a growth and an increase in deposits from D9.2 billion to D10 billion, he stated. He added that it was a positive sign, demonstrating that the Group was drawing in more funds from customers, which reflects growing customer confidence, successful marketing approaches, and their strength in expanding outreach and branch network.

“Overall, the Group’s financial performance is favourable, with growth in key performance indicators such as revenue, profitability, asset base, and customer deposits,” he said. 

“The management should be commended for overseeing a strong performance across various financial indicators. Their decisions and solid operational execution have contributed to the Group’s growth witnessed in 2023.”

However, he said the global economy had been affected by uncertainty, although some positive trends and factors could shape its trajectory.

Technological advancements, such as artificial intelligence, automation, and digitalisation have significantly changed industries and job markets, leading to increased productivity, he pointed out.

“While there are potential challenges and uncertainties on the horizon,” he said, “there are also opportunities for innovation, collaboration, and sustainable development that could contribute to a more resilient global economy in 2024 and beyond.”

Chairman Hayford noted: “However, significant risks remain, especially from the impact of ongoing geopolitical developments. The International Monetary Fund (IMF) has revised its global growth forecast, maintaining a growth rate of 3.1% for 2023 and 2024. This is lower than the historical average of 3.8% and is attributed to the strength of the US and other large emerging market economies.”