Page 84 - GTBank Annual Report 2020 eBook

11. Personnel expenses

Personnel Dec.-2020 Dec.-2019
Wages and Salaries 129,191 119,533
Pension costs - defined contribution plan 656 2,960
Other staff cost 6,677 4,686
136,524 127,179

Personnel Dec.-2020 Dec.-2019

Number Number
Executive Directors 2 3
Management 26 26
Non-management 193 201
Contract Staff 156 149
377 379

Staff loans
Staff received loans at below the market interest rate. These loans are measured at fair value at initial
recognition. The difference between the PV of cash flows discounted at the contractual rate and PV of
cash flows discounted at market rate has been recognised as prepaid employee benefit which is
amortised to personnel expense (other staff cost) over the life of the loan.

12. General and administrative expenses

In thousands of Gambian Dalasi Dec.-2020 Dec.-2019
Stationery and postage 8,649 4,453

Business travel expenses 2,070 4,556
Advert, promotion and corporate gifts 14,589 9,543

Repairs and maintenance 54,578 46,734
Occupancy costs 2,570 18,299
Directors' emoluments 3,607 3,465
Contract Services 4,528 5,504

90,591 92,554

Annual Report 2020

Guaranty Trust Bank Gambia Limited www.gtbankgambia.com 82