Trust Bank has reported profit of 363.93 million Gambian dalasis for the fourth quarter ended December 31, 2025, representing a 12 percent increase from 326.31 million dalasis in the same period last year as the Gambian commercial bank demonstrated continued resilience despite moderating growth compared to earlier quarterly performances.
The bank’s profit before income tax reached 498.53 million dalasis, up 12 percent from 447.00 million dalasis in the fourth quarter of 2024, according to unaudited financial statements released by Managing Director Njilan Senghore and Director Ansumana L.N Touray. Basic and diluted earnings per share increased to 91 bututs from 82 bututs, reflecting improved returns for shareholders.
Net interest income, a key profitability metric for financial institutions, grew 20 percent to 1.09 billion dalasis from 913.29 million dalasis in the prior year period. This growth was driven by a 23 percent increase in interest and similar income to 1.33 billion dalasis, though partially offset by interest expenses that rose 38 percent to 240.09 million dalasis, reflecting higher costs associated with attracting customer deposits in a competitive market environment.
Interest on commercial advances generated 692.71 million dalasis compared to 656.49 million dalasis in the fourth quarter of 2024, while interest on treasury bills and bonds surged to 602.83 million dalasis from 396.81 million dalasis, indicating the bank’s substantial holdings of government securities. Interest from nostros and interbank balances contributed 38.03 million dalasis compared to 33.38 million dalasis previously.
Operating income reached 1.39 billion dalasis, up 11 percent from 1.25 billion dalasis in the fourth quarter of 2024, demonstrating the bank’s ability to generate revenue from core banking activities. However, net fee and commission income declined 9 percent to 228.21 million dalasis from 251.03 million dalasis as fees and commission income fell 7 percent while related expenses increased 17 percent.
The bank recorded a significant improvement in asset quality with net impairment loss on financial assets declining 85 percent to 8.77 million dalasis from 56.90 million dalasis in the comparative period. This dramatic reduction in provisioning requirements suggests either improved loan portfolio quality or recovering previously impaired assets, though such swings warrant scrutiny regarding whether current assessments might prove optimistic if economic conditions deteriorate.
Total assets stood at 14.49 billion dalasis as of December 31, 2025, up 13 percent from 12.77 billion dalasis a year earlier, demonstrating continued balance sheet expansion. However, this growth masked mixed trends in asset composition as loans and advances to customers declined 21 percent to 3.83 billion dalasis from 4.88 billion dalasis.
The loan portfolio contraction represents a significant shift from earlier quarters when lending activity showed steady growth. Loans and advances fell to 1.95 billion dalasis from 3.28 billion dalasis while overdrafts increased to 1.87 billion dalasis from 1.77 billion dalasis. The bank added a 150 million dalasi National Water and Electricity Company (NAWEC) bond to its loan book, a new asset class not present in the fourth quarter of 2024.
Allowance for impairment on loans declined to 141.37 million dalasis from 162.78 million dalasis, consistent with the reduced impairment charges recorded during the period. The improvement in provisioning levels combined with declining loan volumes raises questions about the bank’s risk appetite and lending strategy heading into 2026.
Trading assets comprising treasury bills and government bonds declined 22 percent to 3.30 billion dalasis from 4.21 billion dalasis as the bank adjusted its securities portfolio. Treasury bills holdings fell to 1.92 billion dalasis from 2.59 billion dalasis while Gambia government bonds decreased to 1.38 billion dalasis from 1.63 billion dalasis.
Cash and cash equivalents surged 155 percent to 5.69 billion dalasis from 2.24 billion dalasis, indicating substantial liquidity accumulation. This increase reflected higher balances with Central Bank of The Gambia at 1.90 billion dalasis compared to 1.67 billion dalasis, dramatically increased balances with local banks at 1.44 billion dalasis from 20 million dalasis, and new balances with foreign banks totaling 1.63 billion dalasis where none existed previously.
Customer deposits, the lifeblood of commercial banking operations, rose 18 percent to 12.51 billion dalasis from 10.58 billion dalasis in the fourth quarter of 2024. Savings accounts constituted the largest portion at 7.99 billion dalasis up from 6.92 billion dalasis, while current accounts contributed 4.15 billion dalasis compared to 3.10 billion dalasis. Fixed deposits declined to 372.66 million dalasis from 557.90 million dalasis, continuing a trend of customers preferring more liquid savings options.
Personnel expenses increased 20 percent to 400.61 million dalasis from 332.71 million dalasis, reflecting wage adjustments, possible staff expansion, or enhanced compensation packages. Depreciation and amortization rose 18 percent to 101.60 million dalasis from 86.26 million dalasis, while other expenses grew 17 percent to 381.65 million dalasis from 325.50 million dalasis.
Total liabilities reached 12.71 billion dalasis, up 13 percent from 11.22 billion dalasis, driven primarily by customer deposit growth. Interbanking undertakings disappeared entirely from the balance sheet, declining from 424.30 million dalasis to zero, suggesting the bank repaid significant interbank borrowings during the year.
Total equity attributable to equity holders increased 15 percent to 1.77 billion dalasis from 1.55 billion dalasis as retained earnings and reserves strengthened. Statutory reserves surged 44 percent to 287.05 million dalasis from 199.99 million dalasis, while credit risk reserves jumped 153 percent to 67.54 million dalasis from 26.69 million dalasis, demonstrating prudent capital management.
The statement of cash flows showed net cash from operating activities of 4.23 billion dalasis compared to a negative 862.05 million dalasis in the fourth quarter of 2024, a remarkable turnaround driven by changes in trading assets, loans, deposits, and other balance sheet movements. The bank invested 180.41 million dalasis in property and equipment compared to 112.92 million dalasis previously.
Dividends paid increased to 180 million dalasis from 150 million dalasis, representing enhanced shareholder returns. The bank declared an interim dividend of 0.35 Gambian dalasis per share in November 2025, maintaining its commitment to regular distributions despite investing in growth and capital strengthening.
The financial statements, signed by Managing Director Njilan Senghore and Director Ansumana L.N Touray, include a certification that they “do not contain untrue statements, misleading facts or omit material facts to the best of our knowledge.” The results remain unaudited pending external auditor review expected in coming months.
Trust Bank operates on both the Ghana Stock Exchange and The Gambian domestic market, making it a cross listed entity attracting investors from multiple West African countries. The bank was founded in 1997 by private investors with the aim of offering banking services to local and international individuals and businesses in a profitable framework. At its inception, it acquired the assets and liabilities of the defunct Meridian Biao (Gambia) Bank, providing operational continuity.
In 2002, Trust Bank’s shares were listed on the Ghana Stock Exchange, broadening its investor base beyond The Gambia and providing access to Ghanaian capital markets. The bank is one of 14 commercial banks licensed by the Central Bank of The Gambia, the national banking regulator responsible for maintaining monetary stability and supervising financial institutions.
The fourth quarter results complete a strong year for Trust Bank following earlier quarterly performances that showed accelerating profit growth. Third quarter results reported in November 2025 showed profit before tax surging 55 percent to 489.96 million dalasis, demonstrating momentum that moderated somewhat in the final quarter.
Comparing fourth quarter results to third quarter performance reveals some normalization after exceptional third quarter growth. The bank’s ability to sustain double digit profit growth amid a changing asset mix suggests effective cost management and revenue optimization even as loan volumes contracted.
The decline in loans and advances warrants attention from analysts and investors tracking the bank’s performance. Whether this reflects deliberate deleveraging to improve asset quality, reduced lending demand in The Gambian economy, or strategic repositioning toward securities holdings over direct lending remains unclear from financial statements alone.
The dramatic increase in cash and cash equivalents to 5.69 billion dalasis, representing 39 percent of total assets, raises questions about deployment strategy. While strong liquidity provides buffers against shocks and positions the bank for opportunistic lending or investment, excessive cash holdings may indicate difficulty finding attractive risk adjusted returns in the current operating environment.
For investors tracking Trust Bank’s performance on the Ghana Stock Exchange, the fourth quarter results demonstrate continued profitability and capital strength supporting the dividend distribution policy. The share price stood at 1.20 Ghana cedis as of January 15, 2026, with total indicative share trading liquidity reaching 423.47 United States dollars or 6,630 cedis in the past 12 months as of May 2025, reflecting relatively thin trading volumes characteristic of smaller cross listed regional banks.
Looking ahead, Trust Bank faces opportunities and challenges common to West African banking including navigating interest rate environments, managing asset quality amid economic uncertainties, competing for deposits in increasingly competitive markets, and balancing profitability with prudent risk management.
The bank’s strategy for 2024 through 2026 focuses on enhancing financial inclusion and customer experience through technology and product expansion. Key performance indicators for 2024 showed a return on assets of 4 percent, return on equity of 30 percent, and a non performing loan ratio of 1.0 percent, demonstrating efficient capital deployment and strong asset quality.
Whether the fourth quarter’s 12 percent profit growth represents a new normal after exceptional third quarter performance or signals moderating momentum heading into 2026 will become clearer as the bank reports first quarter 2026 results. Factors including loan portfolio evolution, competitive dynamics in The Gambian banking sector, macroeconomic conditions, and success controlling costs while growing revenues will determine performance trajectories.
The exchange rate of 73 Gambian dalasis to one United States dollar provides context for international investors evaluating the bank’s performance in hard currency terms. At this rate, the bank’s 363.93 million dalasi quarterly profit translates to approximately 4.99 million dollars, while total assets of 14.49 billion dalasis equal roughly 198.49 million dollars.
Trust Bank’s commitment to regular financial reporting and dividend distributions, combined with its dual listing providing access to capital markets in both Ghana and The Gambia, positions it as an accessible investment option for those seeking exposure to West African banking sector growth.
