Page 16 - Agib Bank Ltd Annual Report and IFRS Financial statements 2020

FINANCIAL PERFORMANCE OF AGIB BANK LTD

The Board and Management of the bank are pleased to inform you that your bank despite the challenges
posed by the COVID-19 pandemic performed well in 2020 compared to 2019. Revenue grew by 36% to
D191.7 million whilst profit before tax increased by 269% to D59.1 million from D16.0 million in 2019. Loans
have also increased by 42%, year on year to D1.16 billion. Deposit grew by 55% to D2.5 billion whilst total
assets grew by 42% to D2.9 billion. This is an indication of Customers confidence and trust in the bank as well
as the dedication, commitment and high level of integrity of the staff.

HUMAN RESOURCES

Training and capacity building continued to be the priority. Every staff in the bank attended training of some
sort either locally or externally during the year under review. We will continue to prioritize capacity building as
well as consider human capital to be the most critical in every successful Institution.

TECHNOLOGY

Our customers are now enjoying banking in the comfort of their living rooms, thanks to our internet banking
platform

We have developed in-house capacity for printing ATM cards. The bank is now able to print and deliver ATM
cards within minutes of receipt of the request. This is an incredible turnaround time. The cards are produced
at a minimum cost to customers.

We have established a Corporate Centre to exploit the synergies of co-location of operations and business
teams based on the one-stop shop concept. We are taking banking to the doorsteps of the hitherto unbanked
rural population in very distant parts of the country through our Agency banking program.

DIVIDEND

In order to ensure that the bank has sufficient capital buffer to withstand any unexpected losses, the Board
of Directors has recommended not to pay dividend this year and plough back 75% of the distributable profit
after transfer to Statutory reserve of 25%.

This will put the bank on a strong capital footing to meet all the regulatory requirements.

Annual Report and IFRS Financial Statements for the year ended 31 December 2020 15