1220 ANNUAL REPORT
The largest and widest network of branches in The Gambia
PROUDLY GAMBIAN Our mission is to be the leading bank in The Gambia by operating a profitable banking institution, which meets the needs of all local, international, corporate and individual clients and returns excellent results to our shareholders. To achieve this, we shall continue to set new standards by delivering quality services and innovative products with an inspired team dedicated to serving our Customers, Environment and Community at large in the most caring manner.
THE BANK THAT CARES
PROUDLY GAMBIAN CONTENTS 1 PAGE CONTENTS
ANNUAL REPORT ANNUAL 12 20
BRANCH MANAGERS 37 RESOLUTIONS 39 FORM 41 PROXY WHERE TO FIND USTO 32 WHERE 33 CORRESPONDENT BANKS OF DIRECTORSPROFILE 34 SUPPLEMENTARY INFORMATION 30 INFORMATION SUPPLEMENTARY SHAREHOLDING 31 STATEMENT OF CHANGES IN EQUITYCHANGES IN 19 OF STATEMENT 20 STATEMENT CASH FLOW –NOTES THE FINANCIAL STATEMENTS OF 21 PART FORMING INDEPENDENT AUDITOR’S REPORT 16 AUDITOR’S INDEPENDENT ACCOUNT LOSS AND 17 PROFIT BALANCE SHEET 18 TRUST BANK EXCELLENCE IN THE MILLENIUM AWARDS 12 THE MILLENIUM IN BANK EXCELLENCE TRUST REPORTDIRECTOR’S 14 STATEMENT FROM THE CHAIRMAN 5 FROM STATEMENT REVIEW DIRECTOR’S MANAGING 9 GENERAL INFORMATION 11 NOTICE AND AGENDA OF ANNUAL GENERAL MEETING GENERAL ANNUAL OF AGENDA AND 2 NOTICE FINANCIAL HIGHLIGHTS 3 NOTICE AND AGENDA OF ANNUAL GENERAL MEETING
Notice is hereby given that the fifteenth Annual General Meeting of Trust Bank Limited will be held at the Kairaba Beach Hotel on 30th April 2013 at 3.00 p.m. for the following purposes:
● Ordinary Business
Ordinary Resolutions
1. To receive and adopt the Annual Report and Accounts for the year ended 31st December 2012;
2. To declare Dividends;
3. (i) To appoint new Directors:
a. Mr. Edward Graham
(ii) To re-elect Directors:
b. Mr. Abdoulie Cham c. Mr. Momar Samba
4. To approve the remuneration of Directors;
5. To appoint the Auditors of the Bank until the Conclusion of the next Annual General Meeting;
6. To authorize the Board to determine the remuneration of the Auditors;
7. To transact any other business appropriate to be dealt with at any Annual General Meeting.
● Proxy
A member entitled to attend and vote at the Annual General Meeting is entitled to appoint a proxy to attend GENERAL MEETING and vote instead of him/her. A proxy need not be a member of the Company. A blank proxy is attached to the Annual Report. NOTICE AND AGENDA AND AGENDA NOTICE OF ANNUAL
Mrs. Njilan Senghore – Njie Board Secretary
2 PROUDLY GAMBIAN FINANCIAL HIGHLIGHTS 3 0% 46% 10% 33% 57% 20% 19% 11% 11% 25% 18% 40% 58% 3.8% –21% –16% –14% 10.27% 10.20% –1.43% –0.14% 2011/2010 2011/2010 2011/2010 2011/2010 2011/2010 2011/2010 2010 2010 2010 2010 2010 2010 % change % change % change % change % change % change 7.14 7.27 2.05 0.65% 1,359,148 2,903,675 3,415,510 1,207,858 14.00 57.00 46.81 24.01 11.00 15.86 33.00 69,854 30 35 129,686 290,990 182,204 186,188 368,392 0% 0% 9% 2% 6% 6% –6% –2% –1% 25% –12% –14% 0.50% 2.67% 1.26% –2.77% –0.48% –6.08% –0.18% –3.05% –2.76% –4.08% 2012/2011 2012/2011 2012/2011 2012/2011 2012/2011 2012/2011 5.62 2.70 9.57 1,143,760 1,687,500 3,477,421 4,077,158 17.80 34.28 15.71 43.20 40 55 188,958 321,065 201,548 233,325 434,873 110,075 7.27 67.55 32.89 2011 2011 2011 2011 2011 2011 40 55 5.46 6.79 2.52 6.81 18.30 26.81 31.23 11.63 44.46 70.22 988,829 350,531 424,933 109,466 206,121 218,812
2,106,075 3,688,642 4,335,718
ANNUAL REPORT ANNUAL FINANCIAL HIGHLIGHTS FINANCIAL 12 20 % change % change % change % change % change % change REGULATORY CAPITAL RATIOS CAPITAL REGULATORY PER SHARE ITEMS ASSET QUALITY RATIOS ASSET QUALITY PERFORMANCE RATIOS BALANCE SHEET BALANCE INCOME STATEMENT INCOME 2012 2012 2012 2012 2012 2012 Gearing (times) – maximum 10 times (times) – maximum Gearing Tier 1 Capital Ratio Tier Dividend per share (bututs):Dividend per share (bututs)Earnings per share Non performing loan ratio (%) loan ratio Non performing loans (%) gross loans over Non performing (%) ratio provision Aggregate Net interest margin (%) margin Net interest Loan to Deposit (%) on assets (%)Return on equity (%)Return Shareholders Funds (D.000) Funds Shareholders Liquidity (%) Loans and advances (D.000)Loans and advances (D.000)Investments Deposits (D.000) Assets (D.000) Total Total Operating Income (D.000) Operating Total (D.000) Provisions before Profit 166,920 after tax (D.000)Profit Net interest income (D.000) income Net interest income (D.000) Non interest ● ● ● ● ● ● FINANCIAL HIGHLIGHTS continued
● INCOME STATEMENT (D.000)
● BALANCE SHEET (D.000) FINANCIAL HIGHLIGHTS
● PERFORMANCE RATIOS (D.000)
4 PROUDLY GAMBIAN STATEMENT FROM THE CHAIRMAN 5 ed resilient, wever, remain wever, African economies still face considerable risks from risks considerable economies still face African reduced from mainly the global economic downturn investors. by capital repatriation exports and increased in predicted is 5.7% of growth higher a Although in China slowdown the expected the IMF, 2013 by since China has a dampening effect, have may Africa. in investments on-going significant growing continue to expected is Africa Saharan Sub in countries Most percent. 5 above averaging strongly, with expansion, robust a experiencing are region the been has which Africa, of South exception the Europe. with links strong its by hampered and some parts Middle East, of the Africa In North in theinvestment be held back oil industry will likely and political with uncertainty associated continued by Arab the of aftermath the in transition economic is growth GDP Real trade. of terms weak and Spring, down. to slow likely therefore the 2nd edition of the Financial Africa, West In Zone Monetary African West the by Report Stability had indicated that growth of Supervisors College persist pressures inflationary but strongly rebounded and demand domestic strong by both driven financial The global commodity prices. increasing ho has, WAMZ Sector in the liquidity in capital adequacy, improvement by buoyed of the banking and asset quality although profitability Central and Zone the across weak remained industry the strengthen to continued WAMZ in Banks banks and non-banking for framework prudential institution. financial ANNUAL REPORT ANNUAL
STATEMENT THE FROM CHAIRMAN STATEMENT 12 20 Economic Environment Economic According to the IMF, advanced economies were economies advanced IMF, the to According compared year, this percent 1.3 by grow to projected with in 2010, in 2011 and 3.0 percent to 1.6 percent financial public spending cutbacks and the still-weak on their prospects. systems weighing and developing markets in emerging Growth with compared down marked was economies 6.2 against 2012 to 5.3 percent, in July forecasts such as markets Leading emerging last year. percent will all see slower and Brazil Russia, India, China, is also trade of world in the volume Growth growth. to decline substantially. projected a gloomier picture presented therefore, IMF has, The saying months ago, than a few of the global economy further and risks deteriorated have prospects that along with the weaker It is believed increased. area euro the global growth, outlook for near-term to pose will continue cliff” “fiscal and the US problems the in stability financial global to risks heightened ahead. periods It gives me great pleasure to present to you the Bank’s to you to present pleasure me great It gives ended 31st December the year for Report Annual momentous one as it a truly 2012 was year The 2012. since operation of year fifteenth Bank’s your marked Notwithstanding the became a public company. we to record continued have we environment, challenging performance and exemplary phenomenal growth and our management that our business model proving stood the test of time. have and staff Dear Shareholders, ● STATEMENT FROM THE CHAIRMAN continued
● While business performance slowed down due to the Banking Industry in The Gambia aforementioned factors, we continued to record impressive results as we proactively balanced growth The year 2012 continued to be very challenging for and risk while enhancing our operating environment the Gambian Banking system. Although banks are and thus increasing productivity. Your bank’s growth liquid and well capitalized, fierce competition for a was further complemented by our vigilance in small customer base has eroded profitability and maintaining a higher quality asset portfolio. Our NPL resulted in a substantial stock of nonperforming loans ratio dropped from double digits two years ago to and a high concentration of both loans and deposits 6.81% by the end of 2012. at the ‘top tier’ banks. Banks have significantly scaled down lending activities and the effect of this credit Despite pressure on net interest margins, we were one squeeze has started feeding through into the real of the first Banks in the industry to lower lending economy. rates in response to reduced Central Bank rates. This we first did in 2011 when we reduced lending rates by The industry has, however, received valuable support 2 percent and followed with a further 1 percent from the Regulator, the Central Bank of The Gambia reduction in 2012 showcasing the Bank’s desire to (CBG). To increase access to credit for the private offer competitive pricing for borrowing customers in sector, the CBG further reduced the Cash Reserve order to help our customers create sustainable Requirement to 10%. They also intend to help reduce businesses. Inspite of this, net interest income still the legal and institutional obstacles in recovering increased by 2% over last year. loans and realizing collateral by working with the IMF technical assistance team and in consultation with Operating expenses excluding loan impairments stakeholders. The intent is to review the Sheriffs and increased marginally by 5%. With ever increasing Mortgages Acts to determine the needed pressure on interest margins, the Bank has maintained amendments in order to reduce the cost and the a sharper focus on operational efficiencies. Loan loss uncertainty and complexity of dealing with non- provisions declined by a staggering 66%. This involved performing loans. The CBG also intends to resolve the a process of expeditious review of accounts and technical problems at the Credit Reference Bureau in implementation of rigorous recovery action which has order to better help banks to verify the credit history yielded significant gains. To reduce the probability of of their clients and contain non performing loans, and credit risk materializing, the Bank continues to adopt to also enable borrowers with good credit history to responsible lending practices ensuring a healthy access financing at better terms. With a view to balance between risk and reward. strengthening banking supervision, the Central Bank in 2012 launched an electronic reporting system for A combination of all these factors contributed in commercial banks which will enable more intensive achieving the post tax profitability of D109M. surveillance on Banks to ensure that critical risk STATEMENT THE FROM CHAIRMAN STATEMENT factors are kept in check thereby protecting the On the balance sheet side, the funding and liquidity of interests of all stakeholders in the industry. the Bank remained robust throughout the year with customer deposits more than three times customer The end of 2012 heralded the deadline for all banks to lending proving yet again that the Bank has adequate meet the new minimum capital requirement of resources to continue in business. D200M. With the exception of one bank, which chose to make a voluntary exit, all other Banks met the Our performance as we sit here today is a reflection capital requirement. There are now 12 banks that of the Bank’s proven business strategy and the have met the requirements. leadership team’s commitment to deliver value to all our stakeholders. ● Trust Bank’s Performance ● We have, over the years, made concerted efforts to enhance the Bank’s visibility and our customers’ During a year of slow economic growth, your Bank experience in the pursuit of our desire to develop achieved strong financial results and maintained a and deliver banking products and services that are sound capital position. appropriate, affordable and accessible to all. ● We have over the years been committed in Our strong performance in 2012 was inspite of the ensuring that our customers have a faster, secure prevailing global financial crisis; and the economic and more convenient access to Trust Bank’s down turn in our country as a result of the effects of financial services round the clock. the 2011 crop failure and high international oil prices.
6 PROUDLY GAMBIAN STATEMENT FROM THE CHAIRMAN 7 continued Corporate Social Responsibility (CSR) Responsibility Social Corporate Human Resources Human The Bank remains committed to contributing to the committed to contributing Bank remains The class first offering by of society not only wellbeing economic opportunities to our clients but also by immensely are We community. the broader benefiting significant the and do we that work the of proud of so many to the lives that it makes difference areas priority Our each people of year. thousands education, of sports, to be in the areas continue In and management. health and disaster recovery Bank donated a total of D4.5M to various your 2012, Director’s as highlighted in the Managing sectors statement. We must not lose track of what has enabled us to what of not lose track must We to like I would done so far. have as we perform team Bank’s Trust of work highlight the tremendous every to risen have They employees. 300 than more of so with and by been confronted have they challenge of principles enduring the manifesting are doing, us guide that loyalty and respect work, hard honesty, who team remarkable a employ We Bank. Trust at the about the business of the Bank, care collectively and also each in their own the community customers, the Bank Trust make to continue they way; special is objective Board’s The Bank that it is today. superior our that asset vital this preserve we that ensure to very of the In recognition represents. this family, team, in the play Staff and that Management role significant will we business, our of development and growth and development in staff heavily to invest continue special to extend like would We capacity building. development staff our in partners our to gratitude Accra, Bank in Ghana Commercial especially programs Gambia The Ghana International Bank in London and Banjul. in Association Bankers Mr. of our staff; members lost two we In 2012, In March Bojang. Momodou Mr. Ousman Sanneh and a member of our Jallow, lost Momodou we 2013, join me in offering Please team. Management and colleagues. heartfelt condolences to their families peace in perfect resting that their souls are pray We their to protect continue Lord the good and may families. Pa for prayer silent of moment a in me join Please fondly were as they Bojang and Jallow Ousman, called. ● ●
ANNUAL REPORT ANNUAL STATEMENT THE FROM CHAIRMAN STATEMENT 12 20 In our quest to contribute to the deepening of the to the deepening to contribute In our quest will which Gambia, The in market exchange foreign of the sectors other productive help to develop owned wholly its through Bank, the economy, on signed Ltd, Services Financial Bayba subsidiary Partners. Transfer Money new many our product enhanced have we the years, Over into entered have we customers, our for offering service key of number a with alliances strategic to enable our including utility providers providers convenience. greater enjoy customers Lamin network. branch our grow to continue We November in opened branch 16th our Branch, our opened Sinchu, we 2013, 2012 and in March 17th branch. Bayba Financial Services Ltd Services Financial Bayba Dividends Share Price Performance Price Share Bayba Financial Services Ltd, the Bank’s wholly owned wholly Bank’s the Ltd, Services Financial Bayba in of operation subsidiary completed its second year announce to pleasure me gives It 2012. December of D9M an after tax profit registered that they year, previous the in D1M of profit a to compared balance Bayba’s of 800%. an increase representing D8M in 2011 to D42M 425% from by sheet also grew the has recommended Board Bayba The in 2012. parent its to Dividends as D4.5Million of payment in the be reflected will Ltd and this payout Bank Trust financials. 2013 Bank’s The Board is recommending a final dividend of 20 a final is recommending Board The the total dividend to 40 which brings bututs per share paid was is at par with what which bututs per share the of cognizance took decision Board’s The year. last 25% of our to transfer Bank requirement Central reserves. to profits Trading in Trust Bank Shares on the Ghana Stock Bank Shares Trust in Trading price Share The to be minimal. continued Exchange (D7). 0.40 Cedis Ghana at maintained was ● ● ● its in further growth opportunities for sees Bank The of range its of expansion the as well as products core our streamline to to continue pledge We services. to furtherprocesses to ensure entrench our desire a fulfilling to enjoy continue that our customers banking experience. ● ● ● STATEMENT FROM THE CHAIRMAN continued
● On behalf of my colleagues on the board, Outlook management and staff, I sincerely thank you all, our shareholders, for the support that you continue to While we expect the challenges to continue, we are give us. We are grateful for the confidence that you confident in the strength and resilience of the Trust have bestowed on us over the past fifteen years and Bank business model and the people behind it. Our we look forward to continuing to work on your behalf well capitalized balance sheet and robust brand and and with you in the years to come. Therefore for all business model will undoubtedly, enable us to these blessings join me in giving thanks always to God maintain consistently good performance in the the Father. coming years. Our focus on our customers and our employees and our determination to preserve our unique brand with innovative thinking and Thank you and God bless. technology, strengthens the Bank’s platform for the future. Our strategy of balancing risk, efficiency and controls with calculated growth will further enhance our shareholder value as well as to make us leaders in the socio-economic transformation of The Gambia. With the support of our stakeholders, the commitment and diligence of our staff and with the Ken Ofori-Atta strong hand of God on us; we dedicate ourselves to Chairman deliver even greater value to you in the years ahead. February 2013
● Acknowledgements
I wish to acknowledge the retirement of Mr. Muhammed Lamin Gibba from the Bank’s Board. Mr. Gibba left us in September 2012 following his appointment as Chief Executive of The Gambia Ports Authority. In his new role, he still continues to provide great support to our industry but we will miss his valuable contribution to our board. Please join me in wishing him the best of luck in his new role. I also wish to very warmly welcome Mr. Edward Graham back to the board. Let us give him a round of applause. STATEMENT THE FROM CHAIRMAN STATEMENT
8 PROUDLY GAMBIAN MANAGING DIRECTOR’S REVIEW 9 Your Bank’s Performance Bank’s Your Against the backdrop of economic headwinds and headwinds economic of backdrop the Against Bank has once again your market, difficult increasingly sustaining its by of its brand the resilience proved 2012. year the financial during performance superior margins, interest net on pressures adverse Despite prudent and income interest non of enhancement after in resulted have expenses operating over control in 110M GMD to compared 109M GMD of profits tax again Bank the Moreover, year. financial previous the in its asset quality management its strength proved from ratio loan performing non its further reducing by a Bank achieved The 9.57% in 2011 to 6.81% in 2012. to due charge impairment loss loan its in reduction credit and prudent portfolio management improved approach, this of result a As procedures. and policies and strong remains lending new of quality credit the successfully managed being is impairment of level the units. recovery and corporate retail, our by indicating that thus far, the decline in the policy the decline rate far, indicating that thus to spur any has yet ratio reserve and the primary attributed be perhaps can This lending. bank in growth by hit been has confidence consumer that fact the to business and incomes disposable real in fall the risks downside the and fragile remains also confidence industry Consequently, apparent. more are credit to banks and decline a shown have ratios deposit to loan industry’s the as assets liquid more holding are Deposit liabilities has increased. liquidity ratio GMD 12.3 Billion in December 2011 from increased to GMD13.1 Billion as at December 2012. ● ANNUAL REPORT ANNUAL
MANAGING DIRECTOR’S REVIEW MANAGINGDIRECTOR’S 12 20 Dear Shareholders, and uneven. fragile remains economic recovery World sluggish still is activity economies, advanced many In in the problems legacy while high, and unemployment more is Activity unresolved. remain system financial economies. developing and emerging many in robust also depend their prospects on a healthy, However, economies, advanced amongst recovery based broad linkages. and financial to deep real owing is it performance, Bank’s your on commenting Before the business environment to review appropriate the year during Bank operated within which your 2012. The the IMF mission to by to the statement According Credit Gambia for the first review of the Extended the in failure crop severe the Arrangement, Facility the region, throughout drought caused by 2011, year economy. Gambian the in contraction sharp a to led much of 2012. for weak activity remained Economic anchored well are expectations that inflationary Given Gambia The Bank of the Central range, in single digit implementing an expansionary (CBG) is currently monetary its ease to designed framework monetary come policy stance and this has seen the policy rate ratio reserve cash the and 12% to 15% from down 12% to 10%. from come down average the with sound, remains industry banking The pegged capital adequacy ratio weighted industry risk over improvement an 2012, December at as 33% at industry Total outturn of 25.1%. December 2011’s and loans gross with GMD20.6B, to amounted assets industry total of 26.4% for accounting advances Total 2012. June in 27.4% to compared as assets, as at December flat remained loans and advances to December 2011, 2012 at GMD5.4 billion compared MANAGING DIRECTOR’S REVIEW continued
In the area of shareholders’ return and liquidity ratios, the Bank spent GMD1.8 Million in the health sector, your Bank delivered better than industry averages GMD 1.1 Million in sports and education and another with Return on Assets and Liquidity ratios both above GMD1.6 Million in other areas of intervention. the minimum regulatory requirement.
In addition to its financial performance, your Bank ● Outlook also took some strategic initiatives during the financial year 2012 in a bid to strengthen its business I should reiterate that your Bank wishes to protect foundation. The Bank expanded its Disaster Recovery and entrench its superior performance in the financial Centre (DRC) to ensure uninterrupted banking years to come in terms of sound financial health, services. The Data Centre backup site is now a replica service excellence, strong corporate governance, of the main Data Center at head office and the employer of choice and corporate social responsibility. backup process is now completely automated. The Looking ahead, we should expect to face a prolonged Bank has also extended its branch network with the period of slow economic growth, tight interest opening of Lamin Branch in 2012 and the opening of margins and growing regulatory demands. To maintain another branch in Sinchu is expected by the end of our success, we must aggressively deal with the the first quarter of 2013. This brings the total number challenges ahead. Your Bank’s overall business strategy for branches to 17. for the financial year 2013 will therefore be designed to respond to the challenging economic environment. Today, the major differentiator amongst the banking We plan to continue our drive to expand our market service providers is the quality of customer service. share in both deposits and advances. We plan to Your Bank enjoys the highest customer base in the exploit our branch network and strategic advantages industry and is committed and focused towards and capital strength. We plan to focus on maintaining providing excellent customer service through all a high growth in CASA (Current and Savings delivery channels from our banking halls to our e- Accounts) deposits. We plan to continuously improve products and alternative delivery channels. The varied our asset quality in terms of low non performing loan interests and expectations of customers will be taken ratios. We plan to continuously take steps to revamp care of by further improving upon the various HR processes, structures and policies in order to processes and procedures. support our desire for growth and success. The resilience of our business model, combined with the capacity of our management team and the dedication ● Human Resources of our employees will surely help us sustain our leadership position into the future. Human resource strategies have been a key component of your Bank’s success. We will continue
MANAGING DIRECTOR’S REVIEW MANAGING DIRECTOR’S to focus and celebrate our amazing employees ● Acknowledgements without whom our success would not be possible. Your Bank is already endowed with a competent and On my behalf and on behalf of the board, highly motivated employee base. We will continue to management and staff, I wish to thank all of our work on various initiatives such as talent stakeholders for their continued support. As always, I management, succession planning, capacity building am grateful for the confidence bestowed on the Bank and performance management amongst other and I reaffirm our commitment to delivering greater initiatives to produce substantial results from our value and positively impacting on the lives and staff. We will also always strive to enhance our livelihoods of all our stakeholders. employees’ output by providing competitive pay and benefits, training and providing a healthy and safe I solicit your continued support and guidance. work environment.
● Corporate Social Responsibilities
The Bank continues to donate part of its profits to Pa Macoumba Njie worthy causes in a bid to make positive contributions February 2013 in our community and environment. We have supported advancements in our areas of focus which mainly include education, sports, health and, protecting and preserving our environment. This year,
10 PROUDLY GAMBIAN GENERAL INFORMATION 11 nk Africa for o Italiano
ANNUAL REPORT ANNUAL GENERAL INFORMATION GENERAL Mrs. Njilan Senghore Njie Njilan Senghore Mrs.
Trust Bank Limited Bank Trust
Merchant Bank Limited Merchant Mrs. Mary Abdoulie Samba Mary Mrs. 20
PKF 12 Central Bank of The GambiaThe Bank of Ghana International Bank Central BANKERS REGISTRARS REGISTERED OFFICE SOLICITORS AUDITORS COMPANY SECRETARY COMPANY DIRECTORS 57 Examination Loop, North Ridge 57 Examination Loop, GhanaAccra, Gambia The UK AG HSBC Bank Plc Commerzbank Africa South Germany Suisse Credit ING Bank Zurich Amsterdam Bank of Canada Bank Den Danske Royal Denmark Canada Bank Den Norske Banken Ensklilda Skandinaviska Sweden Norway Ecobank Unicredit 3/4 Ecowas Avenue 3/4 Ecowas GambiaThe Banjul, 29 Independence Drive GambiaThe Banjul, Senegal Italy Bank Fortis United Ba Belgium USA Bank Ghana Commercial Ghana Accountants and business advisers Accountants Annex 33 Bijilo Layout GambiaThe North, Kombo Mr. Ken Ofori-Atta Ken Mr. Chairman Njie Macoumba Pa Managing Mr. Abdoulie Cham Member Mr. Hayford Member Franklin Mr. Andrews-Njie Angela Member Mrs. Mustapha NjieMr. Member Momar Samba Member Mr. Lamin Gibba Mohammed Mr. Member (Up to September 2012) 2013) Graham January Member (From Edward Mr. ● ● ● ● ● ● ● TRUST BANK Excellence
In recent years the rapid development in the tiger private sector to support quality education by economies in Asia, i.e. Singapore, Thailand, Malaysia, strengthening its partnership with the Ministry of etc, the elevation of India to the high table of Basic and Secondary Education. economies to reckon with, the re-emergence of china as a major global player, all have one thing in Over the years Trust Bank has supported the Senior common. They are committed to spotting gifted Secondary Schools by providing the prizes on students at a young age, nurture and encourage Speech and prize giving days; donating D1.25M to special talent, create and support a favorable the Rotary club of Banjul as contribution in building environment for innovation and business success. a fully equipped Science Lab for Secondary Schools in the Greater Banjul Area, contributing significantly China in particular has made the most spectacular to both the Scholarship fund and convocation strides in re-defining its position in the world ceremony of the University of The Gambia and also economic order. The fact that all US Treasury donating the prizes for outstanding performance. Secretaries in the last 10 years spend more time in China than any of America’s traditional trading While we continue to be committed to our country’s partners is testament to China’s growing affluence. education sector in general, the Trust Bank Excellence in the Millennium Awards, which is Every developing nation, developed nation or really special in terms of its appeal was created in development aspirant not only recognizes the need to 2002 to recognize and reward outstanding students, provide quality education to its people but also need reinforce our commitment to the education sector, to put in place systems to develop and motivate recognize the achievement of the schools responsible outstanding talent. In a world that is increasingly for the outstanding results and to indeed showcase leaning towards technological advancement, superior these students with the aim of providing future grade knowledge and talents are given pride of place in nine students with role models to emulate. every country’s development agenda. Trust Bank held the 11th edition of the Excellence Education is the driving force for economic in the Millennium Awards on 27th February 2013 advancements of any country and the attainment of at The Laico Atlantic Hotel in Banjul to recognize quality education is at the forefront of the the achievements of the ten (10) most outstanding MILLENIUM AWARDS objectives of the government of The Gambia and students in the grade nine examination classes requires a contribution from all especially the of 2012. TRUST BANK EXCELLENCE IN THE IN BANK EXCELLENCE TRUST
12 PROUDLY GAMBIAN in The Millenium Awards
In commemoration of this year’s awards ceremony The Chairman, The Conference of Principals, Trust Bank gave each of the awardees a Trust Bank challenged the students to continue to be steadfast Certificate of Excellence, laptop and a Student in their pursuit of excellence and advised them to be Savings Account worth D3, 000.00. In addition to law abiding. these, the bank also donated D15, 000.00 to the Gambia Methodist Academy for being the school Papa Yusupha Njie, the CEO of Unique Solution, a that produced the highest number of the awardees young Gambian Entrepreneur and winner of the this year. Africa Entrepreneurship Award, was invited to speak to the awardees and to provide them with In addition to Trust Bank prizes, the CEO of Unique inspiration and a role model that they can easily Solutions Mr. Papa Yusupha Njie representing rlg identify with and emulate. He gave a truly inspiring Communications here in The Gambia donated 10 speech that struck a fine chord with the students. laptop bags, rlg mobile phones to the students and a free internet connection to Gambia Methodist The Minister for Basic and Secondary Education Mrs. Academy. Fatou Lamin Faye commended Trust Bank for the initiative to award the deserving students in The ceremony was presided over by the Minister and particular and our contribution to the education Permanent Secretary of Basic and Secondary sector in general. She further assured the bank of her Education, The Chairman Conference of Principals, ministry’s willingness and commitment in CEO of Unique Solutions, WAEC officials, Managing strengthening the partnership that exists between
Director of Trust Bank, awardees, parents, guardians our two institutions. TRUST EXCELLENCE BANK IN THE and the principals and teachers of the various
schools. The ceremony ended with a photo session and a MILLENIUM AWARDS cocktail reception but judging by comments from Commenting on the importance of the awards and past awardees, the evident pride of the parents and our bank’s commitment to contribute meaningfully the joy and beaming smiles of the awardees, we can to the health, education, sports and disaster relief safely say that the day will stay very long in the efforts, the Managing Director of Trust Bank, Mr. Pa consciousness of the awardees and their loved ones. Macoumba Njie, spoke about our bank’s commitment to support excellence in education.
ANNUAL REPORT 13 1220 DIRECTORS’ REPORT
The Directors of the company present the audited ● financial statements and corporate results of Trust FIXED ASSETS Bank Limited (The Gambia) for the year ended 31st December 2012. The tangible fixed assets of the company are as detailed in note 13 of the financial statements. There has not been any permanent diminution in the value ● STATEMENT OF DIRECTORS’ of the fixed assets and as a result a provision has not RESPONSIBILITIES been deemed necessary.
The Companies Act 1955 requires the Directors to ● prepare financial statements for each financial year EMPLOYEES which give a true and fair view of the state of affairs of the company and of its profit or loss for that The number of employees and the costs associated period. In preparing the financial statements, the with these employees is as detailed in note 4. directors are required to: ● select suitable accounting policies and then apply ● DONATIONS them consistently; ● make judgements and estimates that are During the year the company made charitable reasonable and prudent; donations amounting to D4,572,285 (2011 :D2,320,153) ● state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial ● DIRECTORS AND THEIR INTERESTS statements; ● prepare the financial statements on the going The Directors who held office during the year are as concern basis unless it is inappropriate to presume shown on page 11. The directors retiring by rotation in that the company will continue in business. accordance with Article 98 of the Articles of Association are Mr. Abdoulie Cham and Mr. Momar The Directors are responsible for keeping proper Samba. Being eligible, Mr. Abdoulie Cham and Mr. accounting records which disclose with reasonable Momar Samba offer themselves for re-election. accuracy at any time the financial position of the company and to enable them to ensure that the The following Directors who held office during the
DIRECTORS’ REPORT DIRECTORS’ financial statements comply with the Companies Act year had beneficial financial interest in the shares of 1955 and the Banking Act 2009. They are responsible the company as detailed below. There have been no for safeguarding the assets of the company and hence changes between the year end and the date of this for taking reasonable steps for the prevention and report. detection of fraud and other irregularities. Number of Shares held 31-Dec-12 31-Dec-11 ● PRINCIPAL ACTIVITIES OF THE COMPANY Mr. Pa Macoumba Njie 1,066,973 1,066,973 The company provides commercial banking services to Mr. Mustapha Njie 66,667 66,667 the general public in accordance with the regulations Mrs. Angela Andrews-Njie 33,333 33,333 of the Central Bank of The Gambia and the Banking Mr. Franklin Hayford 14,620 14,620 Act 2009. 1,181,593 1,181,593
● RESULTS ● CORPORATE GOVERNANCE
The results of the company are as detailed in the The company’s board consists of eight members, accompanying financial statements. seven of whom are non executive Directors. The board meets every quarter to review strategic matters The Directors have recommended a final dividend of relating to the operations of the Bank. The D0.20 per ordinary share for the year ended 2012. The management team meets weekly to review progress final dividend of D0.20 per share together with the made in implementing strategy. A credit committee interim dividend paid of D0.20 per share, gives a total consisting of senior management meets to review dividend of D0.40 for the year. credit applications.
14 PROUDLY GAMBIAN DIRECTORS’ REPORT 15 Chairman Chairman Member Member Co-opted Mr. Ken Ofori Atta Ofori Ken Mr. Mustapha NjieMr. Mr. Edward Graham Member Graham Edward Mr. Hayford Franklin Mr. Member Graham Edward Mr. Macoumba Njie Pa Mr. continued AUDITORS The auditors, PKF, having indicated their willingness, having PKF, auditors, The accordance in re-appointment for proposed be will 1955. Act with Section 155(2) of the Companies of Directors of the Board By order Secretary Company 2013 22nd February Date: Remuneration Committee Remuneration to determine has the responsibility committee This and set Management of Executive the remuneration remuneration. staff general determining for criteria are: members The ● Committee Development Infrastructure all major for committee is responsible This the by undertaken and projects works construction are: members The bank. ● ● ● ● ● ●
DIRECTORS’ REPORT REPORT DIRECTORS’
Chairman Chairman Chairperson Member Member Member Member Member Member Co-opted Member ANNUAL REPORT ANNUAL 12 20 Mr. Ken Ofori-Atta Ken Mr. Mr. Franklin A Hayford Hayford A Franklin Mr. Mrs. Angela Andrews-Njie Angela Mrs. Mr. Mustapha NjieMr. Mr. Abdoulie Cham Mr. Mr. Ken Ofori-Atta Ken Mr. Mrs. Angela Andrews NjieAndrews Angela Mrs. Macoumba Njie Pa Mr. Mr. Momar SambaMr. Governance Committee Governance Strategy Committee Strategy the for direction strategic committee gives This vision corporate Bank Limited’s Trust attainment of value shareholder maximising at aimed objectives and development. and growth through are: members The ● Audit Committee Audit and to review committee has the responsibility This on all matters to the Board recommendations make reporting and control financial and audit to relating are: members The processes. ● A corporate governance sub committee has also been also has committee sub governance corporate A with issues compliance all examines which established regulations, legislation, international and local both on the bank. impact which and best practices as follows: committee are of this members The ● ● ● ● ● ● ● Additionally, in line with good corporate governance corporate in line with good Additionally, mentioned under the has board the practice Directors committees consisting of Non Executive Director): Managing (The Director Executive one and ● INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF TRUST BANK GAMBIA LIMITED
We have audited the accompanying financial statements of Trust Bank Gambia Limited, which comprise the balance sheet as at 31st December 2012, the income statement, statement of changes in equity and cash flow statement for the year then ended, and a summary of significant accounting policies and other explanatory notes.
● Directors’ Responsibility for the financial statements
The directors are responsible for the preparation and the fair presentation of these financial statements in accordance with Generally Accepted Accounting Principles, the Companies Act 1955 and the Banking Act 2009. This responsibility includes maintaining internal control relevant to the preparation of financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies that are consistent with Generally Accepted Accounting Principles; and making accounting estimates that are reasonable in the circumstances.
● Auditor’s Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we comply with ethical requirements, plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant estimates made by the directors, as well as evaluating the overall presentation of the financial statement.
We believe that the audit evidence that we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
OF TRUST BANK GAMBIA LIMITED TRUST OF ● Opinion
In our opinion, the financial statements give a true and fair view of the financial position of the company as of 31st December 2012, and of its financial performance and its cash flows for the year then ended in accordance INDEPENDENT AUDITOR’S REPORT TO THE TO INDEPENDENT AUDITOR’S MEMBERS REPORT with Generally Accepted Accounting Principles and have been properly prepared in accordance with the requirements of the Companies Act 1955 and the Banking Act 2009.
PKF Accountants and business advisers Registered Auditors Bijilo The Gambia
Date: 23rd February 2013
16 PROUDLY GAMBIAN PROFIT AND LOSS ACCOUNT 17 (88,318) (41,625) (23,108) (55,775) (115,972) (188,396) (245,915) D’000 61,224 94,181 77,920 55 40 55 110,075 188,958 389,944 201,548 434,873 233,325 165,850 31-Dec-11 (104,020) (197,361) 55 403,482 (7,950) 31-Dec-12 (49,504) . 55 7b 7b. Notes
ANNUAL REPORT ANNUAL
PROFIT AND AND PROFIT ACCOUNT LOSS
The notes on pages 21 to 29 form part an integral of these financialThe statements. 20
109,466 12 166,920 5. 158,970
218,812 D’000 (258,013) Basic earnings per share (bututs)Basic earnings per share (bututs)Diluted earnings per share (bututs) 40 the year for per share dividend Total Profit for the year for Profit Provision for credit losses credit for 10a. Provision tax before Profit Income tax expense 6. Depreciation and amortisationDepreciation (38,701) profit Operating Total operating revenue less interest expense 424,933 expense interest less revenue operating Total costPersonnel 4. cost and administration General (115,292) Other revenue 34,384 Net interest incomeNet interest 206,121 and commission income 102,214 Fees revenue exchange Foreign 82,214 Interest incomeInterest 2. expenseInterest 3. For the year ended 31 December 2012 December 31 ended year the For BALANCE SHEET
As at 31 December 2012 Notes 31-Dec-12 31-Dec-11 D’000 D’000 ASSETS Cash and bank balances 8. 686,486 827,188 Investments 9. 2,106,075 1,687,500 Loans and advances 10. 988,829 1,143,760 Other assets 12. 215,342 145,805 Tangible fixed assets 13. 338,986 272,905 TOTAL ASSETS 4,335,718 4,077,158
LIABILITIES Deposits 14. 3,688,642 3,477,421 Due to other banks 15. 58,416 35,514 Taxation 6a. 4,960 7,410 Dividends payable 7a. 41,539 43,657 Other liabilities 16. 191,630 192,091 3,985,187 3,756,093
EQUITY AND RESERVES Issued share capital 17. 200,000 200,000 Statutory reserves 75,556 48,189 Revaluation reserve 70,588 70,588 Profit and loss reserve 4,387 2,288 350,531 321,065 TOTAL EQUITY AND LIABILITIES 4,335,718 4,077,158 BALANCE SHEET
These financial statements were approved by the Board of Directors on 22nd February 2013, and were signed on its behalf by:
Chairman
Managing Director
Director
Secretary
The notes on pages 21 to 29 form an integral part of these financial statements.
18 PROUDLY GAMBIAN STATEMENT OF CHANGES IN EQUITY 19 – 321,065 109,466 – (80,000) – ANNUAL REPORT ANNUAL
The notes on pages 21 to 29 form part an integral of these financialThe statements. STATEMENT OF CHANGES IN EQUITY IN CHANGES OF STATEMENT 12 20 D000. D000. D000. D000. D000. share capital share Reserve account Loss Reserve Total Called up issued Statutory & Profit Revaluation Central Bank of the Gambia requires all licensed commercial banks that do not meet the minimum capital and statutory ratio of capital and statutory ratio banks that do not meet the minimum all licensed commercial requires Bank of the Gambia Central capital to meet the 31st December of share Since the augmentation reserve. to statutory profits annual 25% of their 1:1 to transfer of D27.3 Million an amount Accordingly, 1:1. is no longer the Bank's ratio of D200 Million, capital requirement 2012 minimum guideline. this with accordance in year this transferred been has Million) D27.5 (2011: Dividends paid & proposed – – (80,000) 31 December 2012 200,000 At 75,556 4,387 70,588 350,531 Profit for the year for Profit – – 109,466 – – Transfers 27,367 (27,367) – At 1 January 2012 200,000 1 January At 48,189 2,288 70,588 For the year ended 31 December 2012 December 31 ended year the For CASH FLOW STATEMENT
For the year ended 31 December 2012 Notes 31-Dec-12 31-Dec-11 D’000 D’000 Reconciliation of operating profit to cash inflow from operating activities Operating profit before tax 158,970 165,850 Depreciation charge 38,701 41,625 Profit on disposal of fixed assets (90) (944) Decrease in operating assets 18. 85,394 230,827 Increase in operating liabilities 19. 210,760 607,806 Cash inflow from operating activities 493,735 1,045,164
Taxation Tax paid (51,954) (54,385)
Capital expenditure Proceeds from sale of fixed assets 90 944 Purchase of tangible fixed assets (104,782) (57,677)
Financing activities Dividend paid (82,118) (67,691)
INCREASE IN CASH 254,971 866,355 Cash and cash equivalents at beginning of the year 2,418,679 1,552,324
CASH AND CASH EQUIVALENTS AT 31ST DECEMBER 2012 2,673,650 2,418,679
REPRESENTED BY: CASH FLOW STATEMENT CASH FLOW Cash and bank balances 8 686,486 827,188 Short-term investments 9 2,045,580 1,627,005 Bank balances overdrawn (58,416) (35,514) 2,673,650 2,418,679
The notes on pages 21 to 29 form an integral part of these financial statements.
20 PROUDLY GAMBIAN NOTES – FORMING PART OF THE FINANCIAL STATEMENTS 21 te d n for or ANNUAL REPORT ANNUAL
2%–4% 20% 10%–20% 33.3%
, D54.25/£. Foreign exchange differences arising on translation are recognised in the profit and profit the in recognised are translation on arising differences exchange Foreign D54.25/£. , 0 12 20 NOTES – FORMING PART OF THE FINANCIAL STATEMENTS FINANCIAL THE OF PART – FORMING NOTES Rate f) currencies Foreign Monetary assets transaction. the of date the at ruling rate exchange the at Dalasi to translated are currencies foreign in Transactions Balance the on ruling exchange of mid-rate bank's the at Dalasi to translated are currencies foreign in denominated liabilities and D44.00/ Sheet date of D34.30/$, loss account. loss The bank was granted approval by the Central Bank of The Gambia to act as a primary dealer in Gambia Government as a primary to act Gambia The of Bank Central the by approval granted bank was The public. of bills sold to the general value of 0.25% of the face a fee for Bank bills in return and Central Bills Treasury e) bills Treasury it when income in the period related is for is taken Credit on the balance sheet date. value stated at maturity are bills Treasury receivable. Machines and Equipment and Fittings Furniture Vehicles Motor maj including separately, for accounted is that assets fixed tangible of item an of component a replace to incurred Expenditure Land & Buildings d) assets fixed Tangible to the balance sheet date. accumulated depreciation stated at cost less any assets are fixed Tangible to reference by basis line straight a on account loss and profit the to charged and calculated is assets fixed tangible of Depreciation rates: the assets at the following of useful lives the expected bad and doubtful debts are held in respect of loans and advances taking into consideration both specific and general risks. general and specific both consideration into taking advances and loans of respect in held are debts doubtful and bad the where made are provisions Specific portfolio. loan the of appraisal an on based are advances and loans against Provision the amount of loss expected. an estimate of loans is in doubt and reflect of identified repayment separa a as charged are off written previously advances of recoveries and released amounts less year the during made Provisions account. loss and profit the in amount confirmed. been has loss any of extent the when off written are Advances Other business. the in operational becomes asset the when depreciated and capitalised is expenditure overhaul and inspection fixe embodied in the item of tangible economic benefits the future it increases when is capitalised only subsequent expenditure and loss account as incurred. to the profit is charged nature of a revenue All other expenditure assets. c) Loans and Advances Provisio losses. credit possible for provisions and income unearned applicable of deduction after stated are Advances and Loans b) income Interest In respect basis. on an accrual bills and bonds and is accounted for treasury advances, on loans, interest comprises income Interest interest any and doubt in is principal or interest of payment when ceases income interest of recognition advances, and loans of received. when included in income only is thereafter Interest is reversed. the accounting period during recognised already a) a) convention Accounting Accepted Generally with accordance in convention cost historical the under prepared been have statements financial The 2009. Act and also the Banking 1955 Act of Schedule 8 of the Companies provisions and relevant Principles Accounting 1. POLICIES ACCOUNTING for accounting in year the during applied consistently been have which policies accounting following the adopted company The statements. to the financial relation in material considered items that are NOTES – FORMING PART OF THE FINANCIAL STATEMENTS continued
g) Employee benefits Obligations for contributions to the Social Security and Housing Finance Corporation retirement benefits plan is recognised in the profit and loss account as incurred. h) Provisions A provision is recognised in the balance sheet when the company has a legal or constructive obligation as a result of a past event and it is probable that an outflow of economic benefits will be required to settle the obligation. i) Income tax Income tax on the profit or total revenue for the year comprises current tax and is recognised in the profit and loss account. j) Cash and cash equivalents For the purpose of the cashflow statement, cash and cash equivalents include cash in hand, balances held with correspondent banks, balances held with the Central Bank of The Gambia and investments in treasury bills. k) Impairment of assets Assets that have an indefinite useful life are not subject to amortisation and are tested for impairment. Assets that are subject to amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its recoverable amount.
2. INTEREST INCOME
31-Dec-12 31-Dec-11 D’000 D’000 Interest on commercial advances 193,050 236,763 Interest on treasury bills and bonds 209,480 151,838 Nostros and interbank lending 952 1,343 403,482 389,944 FINANCIAL STATEMENTS
NOTES – FORMING PART OF THE OF – FORMING PART NOTES 3. INTEREST EXPENSE
31-Dec-12 31-Dec-11 D’000 D’000 Interest on current accounts 1,535 1,754 Interest on savings accounts 87,806 74,931 Interest on time deposits 108,020 111,500 Nostros and interbank borrowing – 211 197,361 188,396
4. PERSONNEL COSTS
31-Dec-12 31-Dec-11 D’000 D’000 Wages and salaries 69,477 59,230 Social security costs 8,242 6,802 Other employment costs 26,301 22,286 104,020 88,318
22 PROUDLY GAMBIAN NOTES – FORMING PART OF THE FINANCIAL STATEMENTS 23 (944) (16,095) 55,775 55,775 165,850 303 D’000 D’000 D’000 5,402 1 3 6 13,320 53,072 55,775 76 25 31-Dec-11 31-Dec-11 31-Dec-11 31-Dec-11 274 558 49,504 continued 31-Dec-12 31-Dec-12 31-Dec-12 31-Dec-12 ANNUAL REPORT ANNUAL
NOTES – FORMING PART OF THE FINANCIAL STATEMENTS STATEMENTS FINANCIAL THE OF PART FORMING – NOTES 12 20 Capital allowances (15,274) Depreciation 12,384 856 bad debts disallowed for Provision Others 668 307 49,504 49,504 D’000 D’000 D’000
Tax effect of expenses deductible for tax purposes tax for deductible expenses of effect Tax Tax effect of expenses not deductible for tax purposes not deductible for of expenses effect Tax Profit before tax before Profit 158,970 32%) of 32% (2011: calculated at a rate Tax 50,870 Company tax provision at 32% of taxable profit (2011: 32% of taxable profit) 32% of taxable profit) (2011: at 32% of taxable profit tax provision Company 6. EXPENSE INCOME TAX Auditor’s remuneration 558 Auditor’s Charges Penalty Gambia The Bank of Central – assets Gains on disposal of fixed (90) Profit before taxation is stated after charging/(crediting) taxation is stated after before Profit 5. PROFIT BEFORE TAXATION Middle Management 26 Staff 277 General Executive DirectorExecutive 1 Senior Management 3 The average number of employees during the year including Executive Directors was as follows: was Directors including Executive year the during of employees number average The The tax on the company’s chargeable profit differs from the theoretical amount that would arise using the basic tax rate of the the basic tax rate using arise amount that would theoretical the from differs profit chargeable tax on the company’s The as follows: company NOTES – FORMING PART OF THE FINANCIAL STATEMENTS continued
Reconciliation of effective tax rate 31-Dec-12 31-Dec-11 % % Income tax using the domestic tax rate 32.00 32.00 Tax effect of expenses not deductible for tax purposes Depreciation 7.79 8.03 Provision for bad debts disallowed 0.54 3.26 Others 0.42 0.05 Tax effect of expenses deductible for tax purposes Capital allowances (9.61) (9.70) 31.14 33.64
6a. INCOME TAX LIABILITY
31-Dec-12 31-Dec-11 D’000 D’000 Balance at the beginning of the year 7,410 6,020 Charge for the year 49,504 55,775 Amount paid during the year (51,954) (54,385) At end of year 4,960 7,410
7. DIVIDEND
31-Dec-12 31-Dec-11 D’000 D’000 Interim paid: D0.20 per share on 200,000,000 ordinary shares 40,000 40,000 (2011: D0.20 bututs on 200,000,000 shares) Final proposed: D0.20 per share on 200,000,000 ordinary shares 40,000 40,000 FINANCIAL STATEMENTS (2011: D0.20 on 200,000,000 shares)
NOTES – FORMING PART OF THE OF – FORMING PART NOTES 80,000 80,000
7a. DIVIDEND PAYABLE
31-Dec-12 31-Dec-11 D’000 D’000 Balance at the beginning of the year 43,657 31,348 Charge for the year 80,000 80,000 Amount paid during year (82,118) (67,691) Dividend payable at the year end 41,539 43,657
7b. EARNINGS PER SHARE Basic Earnings Per Share (bututs) 55 55 Diluted Earnings Per Share (bututs) 55 55 Weighted Average number of shares used in calculating Basic EPS 200,000,000 200,000,000 Weighted Average number of shares used in calculating Diluted EPS 200,000,000 200,000,000
24 PROUDLY GAMBIAN NOTES – FORMING PART OF THE FINANCIAL STATEMENTS 25 now D’000 D’000 D’000 1,627,005 1,245,627 1,627,005 1,687,500 1,143,760 94,246 60,495 466,421 779,206 419,455 191,074 122,413 827,188 31-Dec-11 31-Dec-11 31-Dec-11 continued 60,495 31-Dec-12 31-Dec-12 31-Dec-12 9a Notes ANNUAL REPORT ANNUAL
NOTES – FORMING PART OF THE FINANCIAL STATEMENTS STATEMENTS FINANCIAL THE OF PART FORMING – NOTES 12 20
988,829 686,486 1,054,962 2,106,075 2,045,580 D’000 D’000 D’000
General provision provision General (9,324) (10,500) Less: losses credit for (45,240)Provision (74,049) (11,569) in suspense Interest (17,318) Loans and Advances 341,995 Advances Loans and Overdrafts 712,967 10. AND ADVANCES LOANS 9a. Company Finance Home in investment equity bank’s the of cost the represents amount this of out million D3.350 Gambia. The in incorporated company a Limited, As a result (IBL). Limited of International Bank of Liberia 20% of the shareholding the cost of acquiring D48.645 million represents is the equity stake which Bank did not subscribe, the of IBL for capital requirement share in the minimum increases of various Fixed asset Fixed Unquoted Companies Short-term BillsTreasury 2,045,580 9. INVESTMENTS profit the in part as revenue other of shown are and year the during IBL from received were D2M to amounting Dividends 12.97%. and loss account. company a Limited, Services Financial Bayba in investment equity Bank’s the of cost the represents million D8.5 of balance The Bank Limited. Trust subsidiary of owned Services Limited is a wholly Financial Bayba Gambia. The in incorporated Balances with foreign banksBalances with foreign 423,570 Cash in hand - local 82,050 Cash in hand - foreign 28,697 Balances with Central Bank of The GambiaThe Bank of 152,169 Balances with Central 8. BALANCES AND BANK CASH NOTES – FORMING PART OF THE FINANCIAL STATEMENTS continued
10a. PROVISIONS FOR CREDIT LOSSES
31-Dec-12 31-Dec-11 D’000 D’000 Balance at the Beginning of the year 84,549 76,282 Provisions during the year 7,950 23,108 Recoveries/(Write Offs) (37,935) (14,841) At end of year 54,564 84,549
11. RELATED PARTY TRANSACTIONS Parties are considered to be related if one party has the ability to control the other party or exercise significant influence over the other party in making financial or operating decisions, or one other party controls both.
Subsidiaries Bayba Financial Services Limited, a wholly owned subsidiary of Trust Bank Limited commenced operations in January 2011.
Transactions with Directors and Key Management Personnel Key management personnel are those persons having authority and responsibility for planning, directing and controlling of an entity; The Bank’s key management personnel are the members of the board of directors together with its non exective director and senior management team.
Compensation The table below details, on an aggregated basis, key management personel compensation:
31-Dec-12 31-Dec-11 D’000 D’000 Directors board fees 1,224 1,500 Directors sitting fees 442 338 Senior Management Salaries 6,365 5,377 FINANCIAL STATEMENTS Senior Management Pension Contributions 1,371 1,014
NOTES – FORMING PART OF THE OF – FORMING PART NOTES 9,402 8,229
Loans In the ordinary course of business, the Bank provides loans to Directors or companies where a Director is also related. These loans are made on substantially the same criteria and terms as those prevailing at the time for transactions with other persons. Details of transactions between directors and key management personel (and their connected persons) and the Bank are as follows: 31-Dec-12 31-Dec-11 D’000 D’000 Loans and Overdrafts to Directors and companies they have equity interest in 53,499 143,380 Loans and Overdrafts to Senior Management 150 117 53,649 143,497
Impairment losses of D2.7 Million have been recorded against balances outstanding from Directors (2011: D17.7 Million). No Provisions have been recognised in respect of loans given to senior management (2011: Nil).
26 PROUDLY GAMBIAN NOTES – FORMING PART OF THE FINANCIAL STATEMENTS 27 Total (735) (735) D’000 38,701 214,559 487,464 104,782 D’000 – 1,767 8,928 66,979 24,508 32,861 10,762 145,805 31-Dec-11 – – continued 61,819 31-Dec-12 Notes ANNUAL REPORT ANNUAL
NOTES – FORMING PART OF THE FINANCIAL STATEMENTS STATEMENTS FINANCIAL THE OF PART FORMING – NOTES 12 20
Progress Premises Equipment Fittings vehicles Work in Work Machines & & Furniture Motor D’000 D’000 D’000 D’000 D’000 D’000 A professional valuer, Francis Thomas Jones Associates, revalued the bank’s freehold and leasehold properties in Banjul, Farafenni, Banjul, in properties leasehold and freehold bank’s the revalued Associates, Jones Thomas Francis valuer, professional A reserve revaluation a to transferred was surplus resulting The basis. market open an on 2008, January in Brikama and Bakau Bakoteh, in the balance sheet. account as shown At 31-Dec-12At 17,714 245,018 61,910 8,554 5,790 338,986 31-Dec-11At 12,915 179,091 64,866 8,228 7,805 272,905 At 31-Dec-12 –At 22,011 190,664 20,861 18,989 252,525 value Net book At 01-Jan-12At – 16,749 164,289 17,957 15,564 the year for Charge – 5,262 26,375 2,904 4,160 Disposals – – – – (735) Accumulated depreciation Accumulated Transfers (40,496) 24,183 14,145 2,168 Disposal – – – – (735) 31-Dec-12At 17,714 267,029 252,574 29,415 24,779 591,511 Cost 01-Jan-12At 12,915 195,840 229,155 26,185 23,369 Additions 45,295 47,006 9,274 1,062 2,145 13. FIXED ASSETS TANGIBLE 12a. Trust. Ownership Share Employee the by for paid be to remaining shares the of cost the is here shown balance The at as price Stock Ghana Exchange The while D7 is Gambia The in shares the of price (OTC) Counter the Over The 0.40 (D7.00). Ghana Cedis 31st December 2012 was At end of year end of At 215,342 Stationery stock8,062 Unpaid shares 12a Others 16,292 Inter branch accounts – Inter branch 14,660 Prepayments Union clearingWestern 9,509 Bills discounted 105,000 12. ASSETS OTHER NOTES – FORMING PART OF THE FINANCIAL STATEMENTS continued
Work in progress comprises of the following items: 31-Dec-12 31-Dec-11 D’000 D’000 Building construction 6,304 8,451 IT based products 9,449 3,927 Machinery and equipment 1,961 537 17,714 12,915
14. CUSTOMER DEPOSITS
31-Dec-12 31-Dec-11 D’000 D’000 Current accounts 910,694 897,700 Fixed deposits 909,574 970,282 Savings accounts 1,868,374 1,609,439 3,688,642 3,477,421
15. DUE TO OTHER BANKS
31-Dec-12 31-Dec-11 D’000 D’000 Nostro Account balances 58,416 35,514 Placements with other banks – – Foreign clearing – – 58,416 35,514
16. OTHER LIABILITIES
FINANCIAL STATEMENTS 31-Dec-12 31-Dec-11 D’000 D’000 NOTES – FORMING PART OF THE OF – FORMING PART NOTES Due to customers on deposits 55,878 69,862 Other creditors and accruals 128,185 122,229 Interbranch Accounts 7,567 – 191,630 192,091
17. SHARE CAPITAL
No. of shares 31-Dec-12 31-Dec-11 D’000 D’000 Authorised: Ordinary shares of D1.00 each 200,000,000 200,000 200,000
31-Dec-12 31-Dec-11 Issued and fully paid: At beginning of year Ordinary shares of D1.00 each 200,000,000 200,000 150,000 Transfer from reserves – – 50,000 At end of year 200,000,000 200,000 200,000
28 PROUDLY GAMBIAN NOTES – FORMING PART OF THE FINANCIAL STATEMENTS 29 ods. ined ainst 23,501 47,793 (208,394) 35,058 450,026 (256,187) D’000 D’000 D’000 D’000 9,443 7,813 25,615 48,286 56,099 426,525 31-Dec-11 31-Dec-11 31-Dec-11 31-Dec-11 continued 31-Dec-12 31-Dec-12 31-Dec-12 31-Dec-12 ANNUAL REPORT ANNUAL
NOTES – FORMING PART OF THE FINANCIAL STATEMENTS STATEMENTS FINANCIAL THE OF PART FORMING – NOTES 12 20 22,000 205,174 D’000 D’000 D’000 D’000
The bank is engaged in various litigations as part of its loan recovery operations which is being pursued at the courts by reta courts the at by pursued being is which operations part as recovery loan its of litigations various in engaged is bank The result could defendant as acting is bank the which in cases although bank the against claims judgement no are There solicitors. ag is awarded should be made until judgement that no provisions of the view are solicitors bank’s The in potential liabilities. the bank. Authorised by the Board and contracted the Board by Authorised 6,248 Authorised by the Board but not contracted the Board by Authorised 15,752 21. COMMITMENTS CAPITAL Bonds and Guarantees 53,082 Bonds and Guarantees of creditLetters 152,092 At end of year end of year At 210,760 CONTINGENT LIABILITIES 20. peri subsequent in liabilities in result may which items, to relate and sheet balance company’s the off shown are following The Deposits from customersDeposits from 211,221 Other liabilities (461) 19. LIABILITIES OPERATING INCREASE IN Other assets (69,537) year end of 85,394 At Funds advanced to customers advanced Funds 154,931 18. ASSETS IN OPERATING INCREASE SUPPLEMENTARY INFORMATION
General and administration cost
31-Dec-12 31-Dec-11 D’000 D’000 Advertising and publicity 10,000 8,785 Audit fees 558 558 Bad debts written off 1,269 1,387 Bank charges 1,232 1,117 Consultancy fees (1,359) 5,241 Currency shipment costs 157 136 Deceased staff expenses – 16 Directors fees 1,666 1,838 Electricity 7,913 6,307 Entertainment 543 819 Insurance premium 4,111 2,384 Legal and professional fees 1,102 723 Losses and Chargeoffs (767) 5,518 Motor vehicle expenses 5,032 4,143 National education levy 50 50 Other office expenses 3,803 4,495 Postage and DHL 610 515 Printing and Stationery 8,167 6,680 Rent and rates 2,077 2,413 Repairs and maintenance property, equipment, generators etc 14,921 13,365 Security 3,934 3,673 Software and Hardware maintenance costs 27,723 25,190 Staff training 8,087 7,742 Stock exchange expenses 715 1,750 Subscriptions and Donations 5,303 3,152 SUPPLEMENTARY INFORMATION SUPPLEMENTARY Telephone/Telex/Swift 3,684 3,854 Trade license 3,000 2,330 Travel cost 1,761 1,791 115,292 115,972
30 PROUDLY GAMBIAN SHAREHOLDING 31
SHAREHOLDING
ANNUAL REPORT ANNUAL 12 20
176,418,326 Taf Holding Co. Ltd Holding Co. Taf 666,667 0.33% SargeArdy 628,333 0.31% Bai Matarr O. DrammehBai Matarr O. 666,667 0.33% Quantum Net Ltd 666,667 0.33% Rajwani NandkishoreRajwani 833,333 0.42% Council Examination African West 700,000 0.35% Saho Dodou K. 696,667 0.35% Bendavia Travel Agency LtdAgency Travel Bendavia 1,000,000 0.50% AAziz Micheal 833,333 0.42% AntioneBanna 833,333 0.42% SCBN/EPACK Investment Fund Investment SCBN/EPACK 1,542,966 0.77% M.MNjie Pa 1,066,973 0.53% Hobeika Charbel 1,066,667 0.53% Gambia Ports Authority Gambia Ports 11,156,507 5.58% Co. Gambia Electrical 4,600,000 2.30% PortfolioTrading DSL 2,192,147 1.10% Trust Bank EmployeeTrust 17,268,741 8.63% LtdAcquisitions & Ventures 11,790,073 5.90% Names No of Shares % Holding SSHFC 73,969,253 36.98% LtdDatabank Securities 44,240,000 22.12% Total 1,015 200,000,000 100.00% 50,001 -100,000 90 6,897,779 3.45% 100,001 - 500,000 49 10,096,856 5.05% 500,000Over 22 177,555,125 88.78% 5,001 -10,000 96 691,752 0.35% 10,001 - 50,000 156 3,920,184 1.96% CategoryNo of Shareholders of Issued Shares % holding No. 2 - 5,000 602 838,304 0.42% WHERE TO FIND US
HEAD OFFICE 3/4 Ecowas Avenue P O Box 1018 Banjul Tel: 220-4225777/8/9 Fax: 220-4225781
AIRPORT BASSE LATRIKUNDA SABIJI Banjul International Airport Basse (Upper River Region) Serrekunda Yundum Tel: 5668907 Tel: 4391780 Tel: 4472915 Fax: 5668318 Fax: 4398524 Fax: 4472916 BRIKAMA SERREKUNDA BAKAU Brikama (West Coast Region) Mosque Road Sait Matty Road Tel: 4483418 Tel: 4399540
WHERE TO FIND US TO WHERE Bakau, Cape St. Mary Fax: 4483439 Fax: 4399541 Tel: 4495486/4494542 Fax: 4496229 BUNDUNG SERREKUNDA Bundung Highway Saho Kunda BAKOTEH Tel: 4379313 Tel: 4374076 Tipper Garage Fax: 4379314 Fax: 4374075 Bakoteh Tel: 4466378 FARAFENNI SERREKUNDA Fax: 4466373 Farafenni (North Bank Region) Westfield Junction Tel: 5735238 Kanifing BANJUL Fax: 5735007 Tel: 4398042/4390156 3 / 4 Ecowas Avenue Fax: 4398039 P. O. Box 1018 KOLOLI SINCHU Banjul Badala Highway Tel: 4225777/8/9 Tel: 4465303 Opposite Old Yundum Police Station Fax: 4225781 Fax: 4465304 Tel: 8907058 Fax: 8200998 BARRA LAMIN SOMA Barra (North Bank Region) Lamin Highway Tel: 5710408 Tel: 4474091 Soma (Lower River Region) Fax: 5710407 Fax: 4474062 Tel: 5531629 Fax: 5531636
32 PROUDLY GAMBIAN CORRESPONDENT BANKS 33 ROYAL BANK OF CANADA BANK ROYAL CANADA TORONTO, ROYCCAT2 BIC: BANKEN ENSKLILDA SKANDINAVISKA SWEDEN STOCKHOLM, ESSESESS BIC: UNICREDIT ITALY MILAN, UNCRITMM BIC: AFRICA PLC UNITED BANK FOR USA UNAFNGLA BIC:
HSBC BANK PLC SA JOHANNESBURG, HSBCZAJJ BIC: ING BANK THE AMSTERDAM, NETHERLANDS INGBNL2A BIC: GHANA COMMERCIAL BANK GHANA COMMERCIAL ACCRA GHCBGHAC BIC: GHANA INT BANK PLC CHEAPSIDE, 67 REGINA HOUSE EC2V 6AZ LONDON, GHIBGB2L BIC: FORTIS BAK SA NV FORTIS BELGIUM BRUSSELS, GEBABEBB36A BIC:
ANNUAL REPORT ANNUAL CORRESPONDENT BANKSCORRESPONDENT 12 20 ECOBANK SENEGAL SENEGAL DAKAR, ECOCSNDA BIC: DEN NORSKE BANK NORWAY OSLO, DNBANOKK BIC: DEN DANSKE BANK DEN DANSKE DENMARK COPENHAGEN, DABADKKK BIC: CREDIT SUISSE CH-8070 ZURICH SWITZERLAND CRESCHZZ8OA BIC: COMMERZ COMMERZ AG BANK GERMANY FRANKFURT/MAIN, COBADEFF BIC: PROFILE OF DIRECTORS
Mr. Ken Ofori-Atta – Chairman Mr. Pa Macoumba Njie – Managing Director Mr. Ken Ofori-Atta is the Executive Chairman and Co-founder of Mr. Pa Macoumba M. Njie joined the erstwhile Gambia Commercial and Databank Financial Services Limited (Ghana) which was started in 1990 Development Bank (GCDB) straight out of High School and worked with $25,000. Today, Databank is the leading investment banking firm there up until the time he left for the United States to further his in Ghana. The firm’s services include Stock brokerage, Asset studies. While in the United States, he worked in the Consumer Loan Management, Corporate Finance, Advisory, Private Equity and the 2006 Department of the First American Bank and in 1982, he returned home Africa Investor award winning Research Team. Databank now has offices to rejoin GCDB where he worked his way up the ranks from a Credit in The Gambia and Liberia and manages the most successful Pan officer to Commercial Manager. Between 1992 and 1997 he worked his African Equity Mutual Fund, the US$100 million EPACK. Databank was way up from Operations Manager at Meriden BIAO Bank to Executive a Co-Manager of Ghana’s recent very successful $750m debut Director and then played a leading role in the privatization of Trust Sovereign Eurobond Issue. Bank Limited. Mr. Njie was appointed Acting Managing Director of Trust Bank Ltd. in 1997 and then confirmed as Managing Director in 2000, a Ken is a Director of two publicly listed companies: Enterprise Insurance position he still holds. Company Limited, and Trust Bank of the Gambia (as Chairman). He is also Vice Chairman of Women’s World Banking Ltd in Ghana and He holds a B.A in Business Administration from Howard University in
PROFILE OF DIRECTORS OF PROFILE Chairman of International Bank of Liberia. the USA and an M.A in Business Economics from Essex University in the UK. Mr. Njie also has rich and diverse training in a variety of Ken has keen interest in Education; he is on the boards of New York Banking and related courses across the world. University in Ghana, Central University College; College of Health Sciences (University of Ghana) the Investment Committee of the He has served as a Board Member of Meridien Bank Sierra Leone, University of Ghana; and on the President’s Council on International Gambia Chamber of Commerce and Industry and is currently the Activities of Yale University in the US. Chairman of the Board of Home Finance Company (The Gambia) Ltd. He currently also serves as the Chairman of the Gambia Banker’s Prior to co-founding Databank, Ken had worked at Morgan Stanley and Association and is a Director on the Board of International Bank of Salomon Brothers in New York in their Corporate Finance and Mergers Liberia. Mr. Njie received the Gambia Chamber of Commerce Banker of and Acquisitions Groups. Ken went to Achimota School in Ghana; he the year Award in 2001 and in 2002 was appointed a Notary Public. In has a BA in Economics from Columbia College in New York and an MBA 2006, he was appointed to the National Order of the Republic of The from the Yale School of Management. Gambia (RGM) by His Excellency The President of the Republic of The He is married to Dr. Angela Lamensdorf Ofori-Atta (a Clinical Gambia. Psychologist at the University of Ghana Medical School), they have three children ( Katakyie, Ohemaa and Nana Yirenkyi) and live in Accra, Ghana.
34 PROUDLY GAMBIAN PROFILE OF DIRECTORS 35 continued Mr. Mustapha Njie – Director – Njie Mustapha Mr. construction leading indigenous Gambia's and manages Njie owns Mr. in incorporated was which LIMITED, CONSTRUCTION TAF company with all Construction Taf he consolidated a decade, After 1990. January LTD. CO. HOLDING TAF form to operations other his him with Industry decorated and Gambia Chamber of Commerce The In and 2004. 1992/93’ Year ‘Business Man of the of award the coveted Global Business Council with the European honoured he was 1998, Small, Best award: dual a received he 2004, November in Again Award. Doctorate Honorary and Africa in Award Enterprise Micro Medium Management. Enterprise Global in (PhD) Degree The of Republic The Insignia of Member of with also decorated He was The of Republic The of President The Excellency, His Gambia (MRG) by Gambia. in September 2000. appointed to the Board Njie was Mr. Mr. Franklin Hayford – Director – Hayford Franklin Mr. The Ltd, of Databank Securities Director Resident is the Hayford Mr. as the General He combines this function with his duties Gambia. in active has been very Hayford Mr. Gam Chemists Ltd. The of Manager General positions: held the following the years, business and over private The of Director Managing Ltd, Company of Zingli Manufacturing Manager The of Institutions in a number represents He also (Gambia) Ltd. Rice Bow Ltd. Holdings Ltd and SOFTtribe Gambia including Databank Financial the from Sciences Management in degree BSc a holds Hayford Mr. U.K. Manchester in of University in September 2000. He joined the Board
PROFILE OF DIRECTORS OF PROFILE
ANNUAL REPORT ANNUAL 12 20 Mrs. Andrews-Njie is a Co-founder, Director and Company Secretary of West of Secretary and Company Director is a Co-founder, Andrews-Njie Mrs. for worked she this, to Prior 1987. in founded company a Ltd, Tours African British and (London) Bowering CT Gambia), (The Group Gamnor the for short consultancies undertaken term also has she 1993, Since Aluminum. Training Civil Tanzania’s at assignment an including Institutions of number a audit an and Secretariat, Commonwealth the of behalf on Center the under Dieye Lybrand & Coopers with collaboration in assignment Member Board Executive as served also She Bank. World the of direction Gambia. The in Industry and Commerce of Chamber the of as Accounting School of London the from graduated Andrews-Njie Mrs. ACMA and an Graduate (Chartered Institute of Secretaries) ACIS an in 1981 Graduate Accountants) (Chartered Institute of Management she obtained a Diploma in to that, Prior and 1983 respectively. she obtained an In 2004, in 1979. College Hull from Administration Birmingham. of University the from Business MBA International in 2002. in May She joined the Board Mrs. Angela Andrews Njie – Director Andrews Angela Mrs. Mr. Abdoulie Cham – Director – Director Abdoulie Cham Mr. and Housing Finance at Social Security Cham has worked Mr. Clerks, Accounts from ranks the through rising 1982 since Corporation of Director as position current his to Assistant Accounting and Cashier, 2011. year the in assumed he position a Investment, and Finance from Accounting in Degree Bachelor a Science of obtained Cham Mr. He has 2006. in the United Kingdom in the year of Hull the University has he which for programs and courses numerous from benefited of study. fields obtained certificates and diplomas in various 2011. in June He joined the board NOTES – FORMING PART OF THE FINANCIAL STATEMENTS continued
Mr. Momar Samba – Director Mr. Edward Graham Mr. Samba is a Chartered Accountant by profession and is a member of Mr. Graham joined Social Security and Housing Finance Corporation the Association of Accounting Technicians (MAAT) and Fellow of the (SSHFC) as an Accountant in 1987 and worked his way up to his Association of Chartered Certified Accountants (FCCA). He also has a current position of Managing Director. Masters degree in Finance. In 1986, he obtained a Higher National Certificate in Accounting from Mr. Samba has held various top Finance positions at the Social Security Aberdeen Scotland and in 1999 he graduated as a member of the and Housing Finance Corporation and has held the position of Director of Chartered Institute of Management Accountants (ACMA). Mr. Graham Internal Control since 2005. has also attended short term training courses in Information Systems Development, Financial Administration of Security Schemes and Mr. Samba joined the Board on 1 May 2007. Corporate Governance courses. In April 2000, he was attached to the Housing Finance Company of Kenya to understudy the administration of housing project loans. In 2007, he obtained a Master of Business Administration Degree from the University of Sunderland, U.K. He first joined the Trust Bank Board in January 2005 until December 2010 when he left Social Security and Housing Finance Corporation. He rejoined SSHFC in September 2012 and was re-nominated back to the Trust Bank Board in January 2013. PROFILE OF DIRECTORS OF PROFILE
36 PROUDLY GAMBIAN BRANCH MANAGERS 37 Binta Njie Kololi Branch Kololi Ismaila Jarju Bakau Branch Bakau Farafenni Branch Farafenni Ousainou Sanyang Branch Barra Branch Barra Soma Branch Amadou Njie Harandeh Harandeh Baldeh Ann Serrekunda Saho Kunda Saho Serrekunda Michael Armando Mendy
BRANCH MANAGERSBRANCH Ada Bright Bright Ada Lamin Bass
Banjul Branch Sinchu Branch ANNUAL REPORT ANNUAL Brikama Branch Brikama Fatou Samba Jallow Fatou 12 20 Fatou Bah Fatou Joseph Njie Joseph Bundung Branch Bundung Abdoulie Jallow Serekunda Branch Serekunda Serrekunda Market Branch Market Serrekunda BRANCH MANAGERS continued
Ramatoulie Othman Saja Manjang Seedy Fofana Vincent Mendy Latrikunda Branch Lamin Branch Basse Branch Yundum Branch
Yusupha Gomez Fatou Bintou Nyane Ceesay Bakoteh Branch Western Union Customer Service Center BRANCH MANAGERS
38 PROUDLY GAMBIAN RESOLUTIONS 39 RESOLUTIONS
ANNUAL REPORT ANNUAL 12 20 proposes that PKF be appointed Auditors until the conclusion of the next AGM. until the conclusion of the next Auditors that PKF be appointed proposes Profit and Loss Statement for the year ended on that date submitted to the meeting be received and adopted. ended on that date submitted to the meeting be received the year for and Loss Statement Profit ended 31 the year for bututs) per share dividend of 20 bututs (Twenty a final has recommended Board The December 2012. appointment: for will be proposed Director new following The Graham Edward Mr. re-election: for themselves offered have and being eligible will be retiring who Directors following The Abdoulie Mr. Cham Momar Samba Mr. be appointed/ re-elected. that the above proposes Board The The Board proposes that the Directors Report and Balance Sheet as at 31st December 2012 together with the with together 2012 December 31st at as Sheet Balance and Report Directors the that proposes Board The ORDINARY RESOLUTIONS ORDINARY THE FIFTEENTH ANNUAL GENERAL MEETING OF TRUST BANK LIMITED TO BE HELD AT BE HELD TO LIMITED BANK TRUST OF GENERAL MEETING ANNUAL THE FIFTEENTH 2. Dividends Declare To 3. Directors and re-elect Directors appoint new To 7. Meeting. General Annual an at with dealt be to appropriate business other any transact To OF DIRECTORS BOARD 2013 22nd February 4. Fees. Directors approve To 5. Board The Meeting (AGM). General annual of the Bank until the conclusion of the next Auditors appoint the To 6.Auditors. of to determine remuneration the Board authorize To 1. ended 31st December 2012. year the for Accounts and Report Annual and adopt the receive To To: All Members of Trust Bank Limited Bank Trust of All Members To: General Annual be put to the which would resolutions, the following will be proposing of Directors Board The Meeting: KAIRABA BEACH HOTEL ON 30TH APRIL 2013 AT 3.00 PM. 3.00 AT 2013 APRIL 30TH ON HOTEL BEACH KAIRABA ● ● STATEMENT FROM THE CHAIRMAN 40 PROUDLY GAMBIAN PROXY FORM 41 2013 FOR AGAINST PROXY FORM PROXY PROUDLY GAMBIAN PROUDLY
the Chairman of the meeting. than 48 hours before the time appointed for the Meeting. the time appointed for before than 48 hours (Mr. Abdoulie Cham, Mr. Momar Samba) Mr. Abdoulie Cham, (Mr. Meeting General Annual ended 31st December 2012.
FOR TBL’S USE ONLY USE TBL’S FOR
1. year the for Accounts and Report Annual the adopt and receive To ii) Company. the of member a be necessarily not need proxy A iii) the appointer. be initialed by must to this form alteration Any ii)* delete and provided space blank the in proxy insert his of should name the proxy own his appoint to wishes who member A Notes i) not later Banjul, Avenue, 3–4 ECOWAS of the Company, Office at the Registered so as to arrive should be returned proxy This 6. Auditors of to determine the remuneration the Board authorize To Signature: Date: 4. of Directors the remuneration Approve To 5. the Bank until the conclusion of the next of Auditors appoint the To 2. Dividends. Declare To 3. Directors re-elect to and Graham) Edward (Mr. Directors new appoint To as my/our proxy to vote for me/us on my/our behalf at the Annual General Meeting of the Company to be held on held be to Company the of Meeting General Annual the at behalf my/our on me/us for vote to proxy my/our as adjournment thereof. and at any 2013, April, 30th AS FOLLOWS USED BE TO THE PROXY I/WE DESIRE FOR being a member/members of the above named company, hereby appoint hereby company, named above the of member/members a being of the Meeting* Chairman The PROXY FOR THE ANNUAL GENERAL MEETING TO BE HELD ON 30TH APRIL 2013 BE HELD ON 30TH TO GENERAL MEETING ANNUAL THE FOR PROXY I/We ✃ PROUDLY GAMBIAN ANNUAL REPORT 1220 PROUDLY GAMBIAN Designed & produced by Femcee UK. E-mail: [email protected] ANNUAL REPORT 1220 P G