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Trust Bank’s Assets Experience Significant Growth in 2023

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Franklin Hayford, the Chairperson of the Board of Directors of Trust Bank And Njillan Senghore Managing Director Trust Bank

By Buba Gagigo 

Franklin Hayford, the Chairperson of the Board of Directors of Trust Bank , announced that the bank’s assets increased from D10.4 billion to D11.5 billion in 2023.

Mr. Hayford made these announcements during Trust Bank’s Annual General Meeting, held last Thursday at a local hotel in Senegambia.

“Total assets Growth, the bank’s Total Assets increased from D10.4 billion to D11.5 billion. This is attributed to organic growth in existing operations, loan quality and favorable market conditions,” he said.

Regarding the Bank’s profit before tax, Mr. Hayford noted that although the increase from D2.048 billion to D2.259 billion may seem modest, it represents a positive trend.

“The group’s profits were affected by the 10 million plus made by our subsidiary Bayba financial services in 2023. But overall, the group is managing its expenses while improving its revenue streams. Deposit Growth, They increase in deposits from D9.2 billion to D10 billion is a positive sign, demonstrating that the group is growing in more funds from customers, which reflects growing customer confidence, successful marketing approaches and our strength in expanding our outreach and branch network. Overall, the group’s financial performance is favorable with growth in key performance indicators such as revenue, profitability, asset base and customer deposits,” he said.

Mr. Hayford emphasized that the Bank’s performance in 2023 has shown significant progress in executing their strategy.

“The bank has experienced growth across several key metrics, including overall positive performance. Here’s a breakdown of income growth, the increase from D666 million to 820 million signifies an uptick in the revenue generated from interest on loans and investment. This indicates extractive lending strategies coupled to the higher returns on our investments,” he said.

The bank also re-elected directors to its board, ensuring continuity and stability in its leadership, which allows for effective decision-making and strategic planning. Additionally, the AGM ratified staff appointments and approved the remuneration of directors.

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