Banking industry registered asset growth of 15.8% in 2018

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By Pa Modou Cham
The central bank governor of The Gambia Bakary Jammeh has stated that the banking industry remains highly capitalize, liquid and profitable, adding that the industry registered asset growth of 15.8% in the year to end-September 2018.

“The asset quality has also improved. Non-performing loan ratio stood at 4.7%, lower than 5.9% reported at the previous Monetary Policy Committee (MPC) and 10.2% in the same period last year.”

He was speaking at the MPC press conference at the 2018 recent review economic development at the central bank of The Gambia.

He said the risk weighted capital adequacy ratio stood at 33.6%, saying is significantly higher than the statutory requirement of 10%. He added that liquidity ratio was 98.48% in September 2018, also remains well above the requirement of 30%.

On price movement, the governor lamented that inflation as measured by the National Consumer Price Index (NCPI) remained largely subdued. He said according to the latest report from The Gambia Bureau of Statistics (GBOS), inflation decelerated to 6.5% in October, 2018 from 7.4% in a year ago.

He thanked the decline in consumer food inflation; saying is the main driver of headline inflation, decelerated to 6.5% in October 2018 from 7.9% last year.

“Price indices of all the components of the food basket declined with the exception of fruits and nuts. Non-food inflation, edged up slightly to 6.8% from 6.7% during the review period,” he pointed.

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