Standard Chartered Bank Gambia, recently held its 39th Annual General Meeting which also coincided with the retirement ceremony of its chairman, Momodou BA Senghore.
Speaking at the event, the retired chairperson revealed that 2015 has been a challenging year for the local economy following series of exogenous shocks on the tourism and agriculture sectors.
According to him, these factors coupled with significant lower volume of foreign currency transactions within the banking industry, was reflected in their performance during the year.
“We maintained our strategic focus on the basics of banking in a very challenging period and delivered creditable results. Despite a subdued global economy resulting from continued dampening of commodity price and slow down in the Chinese economy, our outlook for 2016 in the domestic market is optimistic. We expect that the recovery in the tourism sector and improved agriculture output will drive economic growth in 2016,” he stated.
Senghore however pointed out that in spite of the challenging market conditions, he believes the bank remains in excellent shape to support their clients, even though the growth opportunities for business remain compelling.
According to him, they have taken steps to secure the foundation of the bank by re-focusing their corporate and institutional banking business towards delivering higher returns by optimising the use of capital.
“Our leaner organisation structure has made us well positioned to take advantage of the domestic economic growth opportunities expected in 2016. I take this opportunity to thank all our valued clients for their unflinching support during a very difficult 2015. I also extend my sincere appreciation to the management and staff of the bank for their continued dedication and hard work,” he added.
For his part, Hassan Jallow, an audit shareholder underscored the importance of the director’s responsibility, noting that for a fair preparation presentation of financial statement should be in accordance with international financial reporting standards, the Companies Act 2013 and the Banking Act 2009.
This responsibility, he went on, includes maintaining internal controls relevant to the preparation of financial statements that are free from material misstatement.
Jallow however said that an audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements.
by Awa Gassama