Standard Chartered makes D114m before Tax As the Bank Holds AGM

By Amie Sanneh and Alagie A.F. Sora

Standard Chartered Bank-Gambia Limited has made a profit before tax of D114million in the year ended 2016. This amount is 11 percent higher than what was posted in 2015.

These were the words of Isatou Jagne Kolley, Financial Controller, Standard Chartered Bank, while delivering a statement, yesterday, at the Bank’s Annual General Meeting (AGM) held at a local hotel in Kololi.

She said their operating income for the year under review was D526m, a 2 percent increase from 2015. Mrs. Jagne Kolley explains that the 21 per cent increase in Non Funded Income, more than offset the 3 percent drop in Net Interest Income that was posted.

Operating expenses at D416m was 0.5 percent lower than 2015 and Cost to Income ratio was 79 per cent against 81 per cent in 2015, she said.

SCB Financial Controller added that the Balance Sheet as at end of 2016 remained highly capitalized and liquid. Capital adequacy ratio stood at 47 per cent and liquid assets ratio was at 104 percent she said.

Return on equity she said was 16 per cent whilst return on assets was 2.6% and earning per share was 36 bututs compared to 32 bututs in 2015.

See the next edition for a detailed report of Standard Chartered Bank Annual General Meeting.