Page 85 - GTBank Annual Report 2020 eBook

13. Other expenses

In thousands of Gambian Dalasi Dec.-2020 Dec.-2019
Other insurance Premium 2,159 2,558
Auditors' remuneration 750 750

Professional fees and other consulting costs 814 314

Claims and benefits incurred on insurance contracts - -
CBG Penalties 207 1,190
*Others 54,963 59,947
58,893 64,759
The bank suffered penalties of GMD150, 000 for compliance failure with regards to ACP/ACH straight
through processing (STP) requirements in March 2020 and GMD57,000 for late submission of fraud
report in July 2020.

*Breakdown of Others

In thousands of Gambian Dalasi Dec.-2020 Dec.-2019
General Supplies 1,265 375
AGM Expenses - 710
Fuel 1,666 3,003
Diesel Oil Expenses 2,028 1,577
Communication Expenses 5,914 9,410
Cash Shipment - Swift Charges 2,811 6,590
Entertainment 877 1,053
Y/E Party/Staff Gifts Exp A/C 1,694 1,325
Telephone Expenses 2,866 7,538
Visa Card - Fees/Licenses 20,683 13,786
MasterCard - Fees and Licenses 10,535 10,090
Subscriptions 259 369
Fixed Assets Expensed 604 327
Fringe Benefit Tax Expenses 2,922 3,447
Legal and Secretarial Expenses 839 347
Other Operating Expenses A/C - -
54,963 59,947

14 Income tax expense

In thousands of Gambian Dalasi Dec.-2020 Dec.-2019
Current tax expense:

Company Income Tax 88,859 59,732
Education Tax - -
Deferred tax (1,543) (6,809)

87,316 52,923
Recognised in the Income statement

Annual Report 2020

Guaranty Trust Bank Gambia Limited www.gtbankgambia.com 83