Page 22 - Agib Bank Ltd Annual Report and IFRS Financial statements 2020

Directors’ report

The Directors present their report and audited financial statements of Agib Bank Limited for the year
ended 31 December 2020.

Statement of directors’ responsibilities

The Companies Act 2013 requires the directors to prepare the financial statements for each financial year
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 Banking Act 2009 and the Companies Act 2013. 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 banking services in all its departments and branches in accordance with Islamic
(Sharia) banking principles, regulations of the Central Bank of The Gambia and the Banking Act 2009,
with a view to making profit for its shareholders and depositors and to contribute to the socioeconomic
development of The Gambia. Apart from accepting deposits from customers and providing services
traditionally rendered by conventional banks, the bank also grants financing facilities for short, medium
and long term economically and financial viable undertakings.

Results and dividends

The results of the company are as detailed in the accompanying financial statements. The directors are
proposing to pay dividend of D0.50 bututs per share.

Property, plant and equipment

The property, plant and equipment of the company are as detailed in note 23 of the financial statements.
There has not been any permanent diminution in the value of the property, plant and equipment and as a
result a provision has not been deemed necessary.

Annual Report and IFRS Financial Statements for the year ended 31 December 2020 21