Page 13 - Agib Bank Limited Annual Report 2021

to D2.18 billion compared to D1.16 billion in
2020. Customer deposits grew by 37.7% from We lost one of our Board members Mr Nuha
D2.48 billion to D3.42 billion in 2021 whilst total Marenah who answered to the call of the
assets grew by 33.89% to D3.90 billion in 2021 Almighty in September 2021. He was also the
from D2.91 billion in 2020. Managing Director of the bank until February
2021.
In summary, 2021 was another year of
improved performance and this is an indication Outlook for 2022
of customers’ confidence and trust in the bank The road map for 2022 is
as well as the dedication, commitment and high Digitalization of the bank. A digitalization
level of integrity of the staff. committee has been formed to implement
the plan. The digitalization project is in line
Human Resources with Government’s drive to achieve full
The bank continues to invest significantly in its financial inclusion and a cashless society
human capital, aimed at equipping the staff with as articulated in the National Development
the requisite skills and knowledge to be able to Plan.
perform better and respond to the needs of our
customers. We will continue to prioritize Focus on excellence in what we do in order
capacity building as well as consider human to continually provide the best service for
capital to be the most critical in every successful our valued customers and increase our
Institution. market share.

Our strategic objective is to have highly Take financial services to the door step of
competent and motivated staff and continue to the rural population in partnership with our
provide a conducive working environment that sister company Q-Money.
encourages creativity, collaboration and
continuous improvement. To enhance staff capacity through training
and job rotation.
Technology
Our customers are now enjoying banking in the
comfort of their living rooms, thanks to our Conclusion
internet banking platform. We have developed On behalf of the Board of Directors and
in-house capacity for printing ATM cards. The Management, I wish to express my sincere
bank is now able to print and deliver ATM cards appreciation to our esteemed customers for their
within minutes of receipt of the request. This is trust and patronage, our dear shareholders for
an incredible turnaround time. The cards are their support and confidence in the Board of
produced at a minimum cost to customers. We Directors and wish to assure you of our
have established a Corporate Centre to exploit unrelenting desire to exceed those expectations
the synergies of co-location of operations and by increasing and protecting the value of your
business teams based on the one-stop shop investment.
concept. We are taking banking to the doorsteps
of the hitherto unbanked rural population in very On behalf of my fellow Directors, I wish to thank
distant parts of the country through our Agency the management and the entire staff for their
banking program. hard work and dedication towards actualizing
and sustaining the ideals and the corporate
Dividend objectives of your noble institution.
In order to ensure that the bank has sufficient
capital buffer to withstand any unexpected I would also like to extend my gratitude to the
losses and have a strong capital footing to regulators, auditors, service providers and our
finance prospective big projects, the Board of partners for their continuous support.
Directors has recommended not to pay dividend
this year and plough back 75% of the I pray that Almighty Allah S.A.W would continue
distributable profit after transfer to Statutory to guide and direct your bank and every one of
reserve of 25%. us.

Significant events during the year ended Assalamalaikum wa barakatuhu
2021
The bank invested heavily in the rebranding of Annual Report and IFRS Financial Statements
our branches which has increased customers’
confidence in the bank.

Agib Bank Annual Report 2021 www.agib.gm 13