Tuesday, September 13, 2011

Six Gambian banks rated high in world ranking

The parent companies of six of the thirteen banks in The Gambia have been rated among the top 1000 banks in the world by tier one capital, according to the latest ranking by The Banker, the world's premier banking and finance resource.  All six of them also rank prominently among the top 25 banks in Africa.

According to the ranking, Standard Chartered Group, parent company of Standard Chartered Bank Gambia, is the strongest bank in Africa as it is rated 1 out of the Top 100 Banks in Africa and 106 of the Top 1000 World Banks Ranking.

Ecobank Transitional Inc is rated 11 in Africa and 423 in the world.  The other four banks are the parent companies of Zenith Bank (rated 7 in Africa and 287 in the world), followed by Guaranty Trust Bank (ranked 12 in Africa and 429 globally), Access Bank (13 in Africa and 438 in the world), and Skye Bank (21 in Africa and 596 in the world).

The Banker’s Top 1000 World Banks ranking has been setting the industry benchmark since 1970, providing comprehensive intelligence about the health and wealth of the banking sector.  The Banker is the key source of data and analysis for the banking industry globally.

Tier 1 capital is the core measure of a bank's financial strength from a regulator's point of view. This term is used to describe the capital adequacy of a bank, and it also refers to the financial health of a bank. The ranking measures the financial strength of the banks.

Highlight of the banks

Standard Chartered Group recorded first half of profit with income growing by 11 per cent to US$8.76 billion as profit climbed 17 per cent to US$3.64 billion. The Group produced diverse and resilient income growth across a number of products and geographies, driven by recent investment in new product capabilities and income streams.

The bank says its income growth is underpinned by a highly liquid, well funded and growing balance sheet, while it maintains strong cost control.

In The Gambia, Standard Chartered Bank (SCB) continues to innovate different strategies to differentiate itself from the stiff competition in the banking industry and ensure it continues to lead the way.

MD of Standard Chartered Bank Gambia
The Chief Executive Officer of SCB, Humphrey Mukwereza, said the bank delivered “a strong set of results” against an uncertain and sometimes difficult external global environment and intensely competitive domestic market.

Despite a fiercely competitive landscape, occasional currency shortages, and a low/flat interest rate environment, he noted, the Wholesale Banking department of SCB delivered an encouraging set of numbers in both the client and market businesses in the financial year ended-31 December 2010.

MD of Zenith Bank Gambia 
The managing director of Zenith Bank Gambia Limited, Emeka Anyaegbuna, said the ranking was a sign of how strong and liquid Zenith Bank is as well as the confidence customers have in the bank globally.

“Zenith Bank has been an upwardly mobile bank and it is professionally run,” he said, adding that the bank, which is just one year seven months in The Gambia, will replicate the success its parent body, Zenith Bank Plc Nigeria, has recorded over the years. 

“In our few years of operations in The Gambia, we have registered huge progress, month on month we are making huge success,” MD Emeka Anyaegbuna said. 

 “We are a customer service-driven bank and we use ICT to guide our operations.  We have a wide range of e-business products that our customers make use of to their advantage.  Our strength is in ICT because we have invested a lot of funds in it. So it’s one thing we use to reach out to the clients.”

MD of GTBank Gambia
The managing director of Guaranty Trust Bank Gambia, Olalekan Sanusi, says the liquidity and financial healthiness of GTBank owes itself to two key factors:  “The first and of course most manifesting has been the growing confidence in the brand, as our customer sign on rate went up phenomenally in the year.

“The second and fundamental to the continued success of GTBank is the untiring determination of our highly motivated, loyal, well trained and aggressive team to do well amidst difficulties.”

GTBank is replicating the success of its parent body, which has positioned itself among the strongest banks in the country by delivering remarkable result yearly.

The bank’s balance sheet continues to grow through increased profit, enhanced deposit portfolio and increased shareholders fund.

The 2010 audited account of the bank shows that GTBank’s profit before tax rose by 6% from D75 million in 2009 to D79.5million in 2010, while gross earnings grew by 6.6% from D349 million in 2009 to D372 million in 2010.

GTBank’s strategy to streamline asset size in the face of a tightening local economic condition and to remain more efficient yielded dividend in 2010 as the total asset of the bank recorded a growth, though marginal, from D1,941 million in 2009 to D1,958 million in 2010.

Skye Bank (Gambia) Limited has also vowed to extend efficient and courteous banking service, for which its parent body, Skye Bank Plc Nigeria, is known, to all parts of Africa and the world at large.

“Our staff in The Gambia are equipped to deliver everyday traditional banking services with as much professionalism and courtesy to all customers. Customers will also enjoy offerings of retail banking products and services, corporate banking services as well as interbank and international trading transactions,” the bank says.

As the number of banks in the country has had to double in the last three years, so does competition among banks continues to get fierce by the day.  Each bank is devising new ways and means of outdoing the intensively competitive environment so as to put itself in a strong footing by growing its balance sheet through increasing profit, beefing up its deposit portfolio and increasing shareholders fund.


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