In a landmark moment for Sierra Leone’s banking industry, the Sierra Leone Commercial Bank (SLCB) has reported its most profitable financial year to date. The announcement was made during the bank’s 52nd Annual General Meeting (AGM), held in Freetown.
The declaration was met with resounding applause from shareholders, stakeholders, and financial analysts alike, as the bank revealed historic figures that signify both institutional resilience and growing national economic momentum.
Addressing a packed auditorium of shareholders, directors, partners, and staff, the Chairman of the Board stated confidently: “We have just delivered the most profitable year in our bank’s history!” The bold declaration was substantiated by a remarkable set of financial results.
Profit Before Tax soared from SLE 127.9 million in 2023 to SLE 612.4 million in 2024 a nearly fivefold increase. Total Revenue grew from SLE 717.4 million to over SLE 1.15 billion, reflecting a 61% increase. Non-Funded Income jumped by 129.4%, from SLE 80.4 million to SLE 184.4 million. Net Profit rose year-on-year by 393.3%, increasing from SLE 90.5 million to SLE 446.5 million.
The Cost-to-Income Ratio improved significantly, dropping from 71.3% to 49.0%, thanks to robust expense management strategies. Return on Capital Employed reached 48.6%, while Return on Assets climbed to 6.2%, up from 17.3% and 1.5% respectively in 2023. Dividends to Shareholders increased from SLE 13.6 million to SLE 66.9 million, with Dividend Per Share rising to SLE 0.79.
Earnings Per Share (EPS) surged from SLE 1.06 to SLE 5.25. The Non-Performing Loans (NPL) Ratio dropped from 16% to 14%, due to improved credit underwriting and intensified recovery efforts. The bank paid a total of SLE 210.1 million in taxes in 2024.
“These are not just numbers; they are the foundation of transformation,” the Chairman emphasized. “We’ve exceeded expectations, fortified our operations, and reaffirmed Sierra Leone Commercial Bank’s role as a pillar of economic progress in the country.”
Executives credited the outstanding performance to strategic leadership, unwavering commitment from the bank’s staff, and the enduring trust of its customer base.
Recurring themes throughout the AGM included digital innovation, customer-centric growth, and responsible banking practices. The Chairman assured stakeholders that the momentum will not only be sustained but accelerated. “We are modernizing, digitizing, and growing with purpose. Sierra Leone Commercial Bank is just getting started,” he said.
Financial analysts suggest that SLCB’s 2024 performance not only strengthens its leadership in the domestic market but also positions the bank as a potential regional competitor in West Africa’s financial landscape.
As the AGM concluded on a high note, the Chairman urged shareholders to view this success as just the beginning. “Let us celebrate this milestone and then, let’s aim even higher.”