Standard Chartered Bank, Gambia Ltd, last Thursday held its 30th Annual General Meeting at the Kairaba Beach Hotel in Kololi.

Delivering his statement at the AGM, Momodou B.A. Senghore, chairman of Standard Chartered Bank(SCB), said Standard Chartered has shown how its position in the world’s growth market and the strength of its balance sheet can deliver record results during turbulent times.

“Profit before taxation is GMD 169.747 million. As a result of this performance, the board is recommending a final dividend of GMD 72 million or 120 bututs per ordinary share in addition to the interim dividend of 50 bututs per share already paid out in September 2007”, SCB’s Board Chairman noted.

He added “valued shareholders, you will agree with me that 2007 posed its own challenges but I am pleased to note that with the bank’s commitment to its strategy, the steadfastness of management and staff as well as the continued support and loyalty of our customers, we were able to deliver these results in an increasingly competitive environment”.

According to B.A. Senghore, Standard Chartered Bank is in good shape for future growth and that, performance continues to be strong. “Our Group Strategic Intent remains unchanged; “to be the World’s best international bank leading the way in Asia, Africa and the Middle East’. We remain committed to our strategic intent and through diversity and inclusion within the Group and leverage on expertise from a diverse workforce”, he revealed.

For his part, Humphrey  Mukwereza, CEO and managing director of Standard Chartered Gambia said the results for the year ended 31st December, 2007, reflects the high performance of the Bank in a highly  competitive environment. “We won the best Foreign Exchange Bank Award from Euro Global Finance, demonstrating our leadership position and our commitment to lead by example to be the “Right Partner” to all our customers and stakeholders”, he revealed.

According to the Standard Chartered CEO, the major challenges of the bank in the year under review hinged around operational risk management of non performing loans, service quality and deepening client and staff engagement. “The period witnessed a decline in interest rates and shrinking margins. However, despite these market changes, we were able to sail through and deliver a set of satisfactory results’, he added.

Abdoulie Touray, CEO of Sahel Investment and Chairman of the University of The Gambia Governing Council delivered the vote of thanks.