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Gambian Banking sector booming By Ismaila M.S. Naban BANJUL, The Gambia - The Banking industry in the Gambia is evidently becoming more and more competitive, with the arrival of Oceanic Bank in 2008 taking the total to 11. The industry, it could further be noted, continues to show signs of resilience in 2008 as reflected in the growth in assets, capital and reserves and the declining trend in non-performing loans. It was observed that the total industry assets had increased from D9.5 Billion to D12.0Billion at end-October 2008, or 25 per cent from a year ago. Trust Bank was awarded Best Bank I Gambia in the Global Finance World’s Best Bank Awards, 2008. But today, Databank is reported to be the leading investment banking firm in Ghana. It now has offices in The Gambia and Liberia and “manages the most successful Pan African Equity Mutual Fund, the US$ 100 million EPACK,” according to information received from Trust Bank, Gambia. Mr. Ofori-Atta is a director of two publicly listed companies, namely Enterprise Insurance Company Limited, and Trust Bank of the Gambia (as Chairman). So it was by no mistake that Trust Bank Gambia put him at the helm of its affairs. At the bank’s recent 11th Annual General Meeting in Banjul, Board Chairman Ofori-Atta had, in his annual report for 2008, told shareholders and customers of Trust Bank, that despite the competitive environment in the country, Trust Bank’s performance this year is one to reckon with. He disclosed that profitability, reserves and the balance sheet have all grown due to the disciplined approach of correcting certain positions maintained last year. “Our strategy is clear. Our overriding objective is to return excellent results to you, our shareholders and we will do this by maintaining a very clear focus on providing value to our customers, by leveraging on our staff and continuously improving on service, products and delivery,” Mr. Ofori-Atta assured. He said their performance this year is a continuation of the momentum that Trust Bank Gambia has been building up since its inception. According to him, they have learnt some very valuable lessons, which they have used to build on their performance. And with much pride, Chairman Ofori-Atta announced to the AGM that the bank has not only maintained its position as the “ biggest bank in the country in terms of total balance sheet size, but most profitable bank in the industry”. |
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