Page 23 - Ecobank Gambia Annual Report 2020

Financial Statements & Annual Report

Directors’ Report

The directors present their report and the audited financial statements for
the year ended 31 December 2020.

Statement of Directors’ responsibilities

The Companies Act 2013 requires the directors to prepare the financial statements for the financial period which give a
true and fair view of the state of affairs of the company and of its profit or loss for that period. In preparing the financial
statements, the directors are required to:

¦ select suitable accounting policies and then apply them consistently;

¦ make judgments and estimates that are reasonable and prudent;

¦ state whether applicable accounting standards have been followed, subject to any material departures disclosed and
explained in the financial statements;

¦ Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company
will continue in business.

The directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any
time the financial position of the company and to enable them to ensure that the financial statements comply with the
Companies Act 2013 and the Banking Act 2009. They are responsible for safeguarding the assets of the company and
hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal business activity

The company provides commercial banking services to the general public in accordance with the regulations of the
Central Bank of The Gambia and the Banking Act 2009.

Financial Statements and dividend

The financial results of the Bank for the year ended 31st December 2020 are set out in our financial statements,
highlights of which are as follows:

2020 2019
GMD’000 GMD’000

Profit for the year after Tax 349,753 288,804

Balance brought forward from income surplus 333,135 218,681

Adjustments to opening Balance - -

682,888 507,485

Transfer to Statutory Reserves (52,463) (43,321)

Transfer to Credit Risk Reserves (2,069) (16,509)

Dividend Paid (124,897) (114,521)

(179,429) (174,351)

Balance carried forward to Income Surplus 503,459 333,135

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