Trust Bank performed remarkably well in 2022- Says MD Njilan Senghore

Trust Bank performed remarkably well in 2022- Says MD Njilan Senghore

Njilan Senghore, the Managing Director of Trust Bank, has said the Bank performed remarkably well in the 2022 financial year, against a backdrop of “a challenging macro-economic environment”.

Speaking at the Bank’s annual general meeting (AGM) held at the Kairaba Beach Hotel on Thursday, she said: “As the Covid-19 pandemic began to ease in 20222, we witnessed economic conditions not seen in a very long time, which included the highest inflation rate in decades, rising interest rates, sharp increase in energy prices and supply chain disruption due to the Russia-Ukraine war which has had a huge impact on people’s lives.”

In light of these challenging economic circumstances, MD Senghore said that they focused on putting in place a proactive strategy to help households and businesses to navigate through and alleviate the financial pressures being felt by the most vulnerable.

On world economic outlook, she stated that according to the World Bank, the recovery from the slow-down caused by the Covid-19 was weaker than anticipated in 2022, owing primarily to the repercussions of the war in Ukraine.

She also said inflation reached double digits for the first time in over two decades, as yearly inflation averaged 11.6% in 2022 from 7.4% in 2021.

“The economic growth in 2022 was estimated to be at par with 2021’s level of 4.3%, driven by improved agriculture production due to a relatively good rainy season and high infrastructure spending driven by the preparation for the Islamic Cooperation (OIC) conference,” she said.

For her part, Ramatoulie S.O. Jallow, Senior Audit Manager, DT Associates, Trust Bank,said that in their opinion, the consolidated financial statements present “fairly in all material respects.

She stated that the cash flows for the year then ended in accordance with the International Financial Reporting Standards (IFRSs) and the requirements of the Companies Act of 2013 and the Banking Act, 2009.

Source: The Point

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