Trust Bank (XGHA:TBL) Beneish M-Score: 0.00 (As of Jun. 26, 2026)


XGHA:TBL Trust Bank Ltd XGHA:TBL
13 GF Score
Price GHS1.20
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What is Trust Bank Beneish M-Score?

Trust Bank XGHA:TBL 13 Beneish M-Score is 0.00 as of Jun. 26, 2026. GuruFocus rates XGHA:TBL with a GF Score™ of 13/100.

Note: Financial institutions were excluded from the sample in Beneish paper when calculating Beneish M-Score. Thus, the prediction might not fit banks and insurance companies.

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

The historical rank and industry rank for Trust Bank's Beneish M-Score or its related term are showing as below:

During the past 13 years, the highest Beneish M-Score of Trust Bank was 0.00. The lowest was 0.00. And the median was 0.00.

XGHA:TBL
13GF Score
Trust Bank Ltd XGHA:TBL
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Trust Bank Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of Trust Bank for today is based on a combination of the following eight different indices:

M=-4.84+0.92 * DSRI+0.528 * GMI+0.404 * AQI+0.892 * SGI+0.115 * DEPI
=-4.84+0.92 * 1+0.528 * 1+0.404 * 0.9943+0.892 * 1.0754+0.115 * 1.1177
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.1622+4.679 * -0.054782-0.327 * 1.2937
=-2.78

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Dec23) TTM:Last Year (Dec22) TTM:
Total Receivables was GHS0.0 Mil.
Revenue was GHS156.1 Mil.
Gross Profit was GHS156.1 Mil.
Total Current Assets was GHS0.0 Mil.
Total Assets was GHS1,761.4 Mil.
Property, Plant and Equipment(Net PPE) was GHS152.0 Mil.
Depreciation, Depletion and Amortization(DDA) was GHS12.0 Mil.
Selling, General, & Admin. Expense(SGA) was GHS2.6 Mil.
Total Current Liabilities was GHS0.0 Mil.
Long-Term Debt & Capital Lease Obligation was GHS0.9 Mil.
Net Income was GHS39.5 Mil.
Gross Profit was GHS0.0 Mil.
Cash Flow from Operations was GHS136.0 Mil.
 Total Receivables was GHS0.0 Mil.
Revenue was GHS145.2 Mil.
Gross Profit was GHS145.2 Mil.
Total Current Assets was GHS0.0 Mil.
Total Assets was GHS1,601.0 Mil.
Property, Plant and Equipment(Net PPE) was GHS129.7 Mil.
Depreciation, Depletion and Amortization(DDA) was GHS11.5 Mil.
Selling, General, & Admin. Expense(SGA) was GHS2.1 Mil.
Total Current Liabilities was GHS0.0 Mil.
Long-Term Debt & Capital Lease Obligation was GHS0.6 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(0 / 156.141) / (0 / 145.19)
=0 / 0
=1

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(145.19 / 145.19) / (156.141 / 156.141)
=1 / 1
=1

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (0 + 151.963) / 1761.403) / (1 - (0 + 129.687) / 1600.97)
=0.913726 / 0.918995
=0.9943

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=156.141 / 145.19
=1.0754

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI=(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) / (Depreciation_t / (Depreciaton_t + PPE_t))
=(11.549 / (11.549 + 129.687)) / (11.995 / (11.995 + 151.963))
=0.081771 / 0.073159
=1.1177

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI=(SGA_t / Sales_t) / (SGA_t-1 /Sales_t-1)
=(2.616 / 156.141) / (2.093 / 145.19)
=0.016754 / 0.014416
=1.1622

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI=((LTD_t + CurrentLiabilities_t) / TotalAssets_t) / ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
=((0.861 + 0) / 1761.403) / ((0.605 + 0) / 1600.97)
=0.000489 / 0.000378
=1.2937

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA=(IncomefromContinuingOperations_t - CashFlowsfromOperations_t) / TotalAssets_t
=(NetIncome_t - NonOperatingIncome_t - CashFlowsfromOperations_t) / TotalAssets_t
=(39.524 - 0 - 136.017) / 1761.403
=-0.054782

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Trust Bank has a M-score of -2.78 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of 0.00 mean?
Trust Bank (XGHA:TBL) has a Beneish M-Score of 0.00 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Trust Bank and its competitors.
Is Trust Bank's Beneish M-Score too high?
Trust Bank's current Beneish M-Score is 0.00. Overall, Trust Bank has a GF Score™ of 13/100, reflecting its overall financial health beyond just this single metric.
How does Trust Bank's Beneish M-Score compare to PNC and USB?
Trust Bank's Beneish M-Score of 0.00 can be compared against companies in the Banks industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for a Banks company?
A good Beneish M-Score depends on the Banks industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Trust Bank and its competitors. Trust Bank's current Beneish M-Score is 0.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Trust Bank stock overvalued right now?
Trust Bank (XGHA:TBL) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. Trust Bank's overall GF Score™ is 13/100. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For Trust Bank (XGHA:TBL), the current Beneish M-Score is 0.00 as of Jun. 26, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Trust Bank Business Description

Address 3-4 Ecowas Avenue, P.O. Box 1018, Banjul, GMB
Trust Bank Ltd is engaged in providing commercial banking services. Its activities include receiving deposits, provision of loans, a system of payments and clearing, dealing in financial instruments of the money market, foreign currencies exchange services, providing banking information, performing mortgage activities and others. The company's only reportable segment is the provision of banking and related services.
13GF Score

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Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

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