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Standard Chartered Made D59.2 Million Profit in 2013

July 14, 2014

Bekai Njie

The Standard Chartered Bank (SCB) Gambia Limited has experienced a slight decline in its profit before tax after it fell from D112.8 million in 2012 to D59.2 in 2013.

This was revealed by a financial statement delivered by the Bank's Finance director at its annual general meeting held Thursday afternoon at a local hotel in Kololi.

Finance Director Richard Ahulu outlined priorities for the bank in 2014, pointing out that they will continue to focus on the basics of banking and maintaining their capital liquidity strength. He noted that despite turbulence in the global economy, the bank delivered a resilient performance, managing costs and risk tightly, while supporting the growth and activities of their clients and customers.

The chief executive officer of SCB, Humphrey Mukwereza, said the re-oganisation of their business will make a difference, enabling them to put a sharper focus on key priorities and optimising the deployment of capital and investment spending.

He acknowledged that 2013 was a challenging year for business, and disclosed that the revenue for the customer banking grew on yearly basis by a modest 5% to D234.1million. This growth, he explained, was enabled by an impressive 18% growth in net interest income, whilst non-funded income registered a decline in performance.

Mukwereza further disclosed that the customer deposits grew by a strong 12%, which is equivalent to the sum of D2,300, 8 million. This growth, he further pointed out, was achieved as a result of a new sales strategy that was implemented in 2013.

"We continue to maintain a robust and cost effective footprint comprising 5 branches and 10 ATMs in the face of aggressive footprint expansion by the competition. The return on investment on these customer delivery channels is impressive and amongst the best in class in the banking industry. Our ATMs continue to be an important component in our customer delivery channels from a customer accessibility and revenue perspective," he noted.

SCB boss assured that the bank will continue to invest heavily in its technology platform by automating and simplifying its processes to deliver world-class services to its customers. These investments, he explained, would not only make their system more robust, but also help to improve risk management framework.

The chairman of the board of directors of SCB, Momodou B.A. Senghore, said the business has grown substantially over the last decade and that they continue to view SCB as an existing growth story. He assured that they will continue to support the growth of trade and wealth in the market, while driving value for shareholders.

Senghore equally acknowledged that year 2013 was a challenging one for the bank, but was quick to attribute the situation to the global economy recovery and the impact of the poor harvest in 2011/2012 on the local economy. The head of Wholesale Banking at SCB, Bai Mass Saine, said they remain on the edge to capture all realistic opportunities in the market and noted that market participants are banking on the renewed optimism in 2014 to achieve their aspirations.

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Source: AllAfrica

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