Trust Bank approves $2.4m in dividends for 2022; ratifies Director appointments at 25th AGM
Trust Bank, a leading financial institution in The Gambia, held its highly anticipated 25th Annual General Meeting in Banjul, where a series of important resolutions were adopted. Among the key decisions were the appropriation of profits for the year ended December 31, 2022, the approval of dividend payments to shareholders, and the formal ratification of new director appointments.
The General Meeting enthusiastically greenlit the appropriation of Trust Bank’s profits, which amounted to an impressive USD 4,025,622.95 million for the stated period. From this sum, USD 3,421,779.51 million was deemed distributable. Shareholders, whose names were registered at the closure of the Company’s share register, can now anticipate dividend payments in line with the regulations of the respective stock exchanges where Trust Bank’s shares are listed, as well as applicable local laws.
In an indication of Trust Bank’s commitment to delivering shareholder value, the approved dividend allocation for ordinary shares alone amounts to USD 2,459,016.39 million, equating to $0.0123 cents per share. Such a distribution not only rewards investors but also showcases the bank’s robust financial performance and stability.
Furthermore, the General Meeting endorsed the transfer of USD 603,843.44 thousand to the statutory reserve, bolstering Trust Bank’s financial foundation. Additionally, USD 962,763.11 thousand was allocated for the transfer to retained earnings, a prudent move to enhance the bank’s long-term sustainability and growth prospects.
The meeting also served as an opportunity to ratify the appointments of three distinguished individuals as directors of Trust Bank. Mr. Saloum Malang, Mrs. Haddy Sallah, and Mr. Abdoulie Jallow were officially confirmed to join the bank’s esteemed board. Their extensive experience and expertise are expected to contribute significantly to the strategic direction and governance of Trust Bank, reinforcing its commitment to sound leadership and prudent decision-making.
The resolutions adopted at the 25th Annual General Meeting demonstrate Trust Bank’s unwavering dedication to transparent financial management, accountability, and shareholder value creation. As a trusted and influential player in the Gambian financial landscape, Trust Bank remains steadfast in its mission to provide exceptional services to customers while maintaining regulatory compliance and fostering sustainable growth.
