Page 5 - GTBANK GAMNBIA 2021 ANNUAL REPORT

Managing Director’s Statement

Dear Valued stakeholders,

It is a great pleasure to present to you your bank’s performance for the 2021 financial year. The year experience
continued Covid 19 lockdown measures although at a relatively relax level compared to 2020 when the pandemic was
at its peak. Globally, the pandemic disrupted economies, supply value chains and increase inflationary pressures across

both advanced and developing countries.

Consequently, the bank strategically reposition itself to As per the Central Bank of The Gambia MPC releases,
weather the challenges and disruptions presented by The banking system is well capitalized owing to
the Coronavirus pandemic and again posted strong increase profitability and highly liquid quarter-on-

financial performance for the period under review. This quarter averaging 92% percent.
represented year on year growth in both profits and The Industry’s total assets grew significantly 24% from
balance sheet against the backdrop of sluggish D58.82 billion to D73. 06 in December 2021 owing to
economic growth projected for The Gambia in 2021 by increases in balances due to other, investments and
the IMF mainly attributed to the fall out of the Covid-19 loans and advances. Assets quality improved reflecting
pandemic. reduced non-performing loans. Non-performing loans
ratio decrease from 6.4% to 5.2% at end December

Global economic recovery continues amid a resurging 2021.
pandemic that poses exceptional policy challenges.
The International Monetary Fund in its World Economic The Non-Bank financial sector continue to be pivotal in
Outlook forecasted global growth at 4.4% for 2021 financial inclusion. It aids in the extention of financial
down from 6% and 5.9% earlier projected in July and services to those that are excluded in the conventional

September 2021 respectively. The revision mainly banking sytem. Mobile money financial services in
reflects the slower-than-expected momentum in particular are rapidly expanding the digital financial
advanced economies due to supply chain disruptions, sphere in The Gambia. Mobile money subscription rate
slowdowns in the housing sector in emerging market surged by 93.8%. However, the value of cash-in and
economies and lower new investment in real estate and cash-out transactions decreased.
an anticipated lower private consumption in developing Finance Companies dominate the non-bank financial
economies. sector with robust financial indicators. The sector is well

capitalized and registered an increase in assets size at
The Gambia’s economic growth is estimated at 4.3% in end December 2021.
2021 compared to a negative growth in 2020 despite
the various waves of the Covid-19 pandemic. Economic The bank operated under challenging environment in
activity showed signs of recovery, albeit fragile. The 2021. This was characterized by emergence of various
authorities intensified Covid-19 vaccination campaign coronavirus variants and lockdown measures couple

to fight the pandemic and allow full resumption of with increase competitive pressure. In a bid to increase
activity, including tourism. access to finance and economic activity the Central
Bank of The Gambia pegged bank lending rates at 15%
Inflation has been relatively stable at an average 7.3% and yield on fixed Income Securities remained depress
during 2021 but accelerated from 6% in 2020.
Annual Report 2021

Guaranty Trust Bank Gambia Limited www.gtbankgambia.com 5