Page 5 - GTBank Annual Report 2020 eBook

Managing Director’s Statement

It is an honor and a privilege that I once again present to you the GTBank Gambia Ltd.’s
achievements in 2020. The year 2020 was extraordinary in terms of challenges it posed
to our operating environment and the greater world economy. The most significant
challenge was the Covid-19 Pandemic. Since the declaration of the Corona Virus
Pandemic by the Director General of the World Health Organization on the 30th
January, 2020, so many business activities have been disrupted. In The Gambia, the
tourism and hospitality sector came to a standstill almost immediately. Hotels and major
restaurants closed down and many in the industry lost their jobs. The abrupt closure of
the industry saw the immediate reduction of income especially on our digital platforms.
There has also been a rise in default of loan repayments.

The uncertainty brought about by the Covid-19 outbreak prompted us to intermittently change our focus
with a view to adequately respond to the new realities and to provide the best of services to our teaming
clientele.
We ensured a more cost-effective management scheme. We improved on our competitiveness, and as a
goodwill gesture, we deferred facility repayments as the Covid-19 pandemic disrupts the revenue base of
our customers.

As the Japanese saying goes “business is war”. My team and I coupled with the leadership guidance of
GTBank Gambia Board, fought with valour and with our resolute and never relenting winners’ spirit we
have broken a record in terms of profitability. We have been able to increase profitability by 64% from
GMD 191 million in 2019 to GMD 313 million in 2020.
Crossing the D300Million mark in terms of profitability is indeed unprecedented in the history of GTBank
Gambia. We thank God for this. However, we are aware that we still have several grounds to cover if we
must break the industry record. The key to maintaining our leadership position in the industry will largely
continue to hinge on innovative banking with products and services that are designed to cater for the
needs of our esteemed customers. We are very much committed to these goals.

As a responsible corporate citizen, GTBank has implemented government and World Health Organization
safety directives that are meant to curb the spread of Covid-19. Staff were provided with face masks and
sanitizers. Customers were also encouraged to wear masks whilst also exercising the requisite social
distancing in the course of accessing the banking services. Sanitizers were provided at all branches and
ATM locations. The Bank contributed financially to support efforts spear-headed by Government to fight
Covid-19 in The Gambia.
We owe the gratitude to our Management and staff for their invaluable contributions to achieving the
milestone and also the Board of directors for their strategic leadership. We are immensely grateful to our
customers and partners for their loyalty and for believing in us. Together, we would surely weather the
storms ahead.

Thank you.

Annual Report 2020
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