Page 10 - GTBANK GAMNBIA 2021 ANNUAL REPORT

Board Chairman’s Statement

My fellow shareholders, ladies, and gentlemen, over the GMD 87 million we paid in 2020. Meanwhile,
Once again, I am delighted to present to you this report shareholders were rewarded with dividend payments
st
on the performance of your Bank for the year ended 31 totaling GMD 268.7 million at 89.59 bututs per share for
st
December 2021. the year ended 31 December, 2021.

When we reported to you last year, we drew your But that was last year. Despite last year’s exceptional

attention to the effects of the Covid-19 pandemic on performance, we cannot afford to rest on our laurels.
global economic growth and the likely impact on our The fact that we survived — and even thrived — despite
local economy, and by extension the business of the challenging economic circumstances of 2021 does
banking in the country. Your Bank was able to weather not mean that the way forward will be smooth sailing.
the storm of these and other risks, and as you can see On the contrary, the global economic outlook remains

from the results for the year, the bank grew appreciably uncertain with our local economy facing an increasing
based on a number of financial parameters. The fact number of external risks. In 2022 the consequences of
that in 2021 we were able to achieve such a positive the slow economic recovery from the covid-19
financial performance is testament to the resilience of pandemic have now been compounded by the Russia-
your bank: the resilience of the staff, the resilience of Ukraine war and its far-reaching impact on food & fuel
our operations, the resilience of our risk management for economies like ours, which are so dependent on
systems, and the resilience of the businesses we imports of wheat, flour and petroleum products
choose to finance, generally. I firmly believe that the
The regulator confirms that our financial sector remains
prudent measures that we have taken in the past (and
stable and resilient with robust liquidity and capital
continue to take) to position the Bank on solid and
adequacy ratios. Reports that assure us of the stability
sound footing have served us well during these difficult
of our financial sector are always welcome — both for
times (and will continue to do so in the future), while
us as a systemic player in the sector, and for our
also giving us the foundation for sustainable growth
customers. But as a bank, we also have an additional
over the medium- and long-term. In addition to the
responsibility to our shareholders, and our goal is to
systems and processes that we have in place — which
keep the bank on a sustainable growth path, no matter
allow us to continuously review and adapt to changing
how modest. This means that at times of unusually high
circumstances — one of the most important sources of
risk, the financial growth of our bank may be tempered
our resilience has been our bank’s culture. It is therefore
temporarily while we institute corrective measures and
of critical importance that we continue to nurture and
take steps to protect the bank.
preserve this culture and guard it jealously.

That means that work never stops at GTBank. While
I am delighted to report to you that we registered yet
protecting the franchise, we continue to work hard to
another milestone in our financial performance in 2021,
deliver on the commitment and promise we have made
Annual Report 2021
surpassing the GMD 400 million mark in net profit. Profit
to our shareholders. We remain attentive to the ever-
Before Tax grew from GMD 313 million in 2020 to GMD
important need to invest in our Information technology
448 million in 2021 at an impressive rate of 43%. As a
platform in order to adequately cater to the needs of our
result of this financial performance we paid Government
growing clientele and to provide them with unmatched
taxes in excess of GMD 115 million – a 32% increase

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