In a landmark moment for the country’s banking sector, Sierra Leone Commercial Bank (SLCB) announced its most profitable year ever at its 52nd Annual General Meeting (AGM), held in Freetown. The announcement was met with resounding applause from shareholders, stakeholders, and industry watchers alike, who see the development as a significant indicator of both institutional resilience and national economic momentum.
Addressing a packed auditorium of shareholders, directors, partners, and staff, the Chairman of the Board declared, “We have just delivered the most profitable year in our Bank’s history!” A bold statement, backed by numbers that reflect a historic leap in the bank’s performance.
Among the key highlights shared:
• Profit Before Tax surged from SLE127.9 million in 2023 to SLE612.4 million in 2024, a nearly fivefold increase.
• Total Revenue grew from SLE717.4 million to over SLE1.15 billion, marking a remarkable 61% increase.
• Non-funded income of SLE 184.4 million surpassed prior year figure of SLE 80.4 million, a remarkable 129.4% increase year-on-year.
• Net profit grew year-on-year by 393.3% from SLE 90.5 million to SLE 446.5 million in 2024. Cost-to-income ratio dropped from 71.3% to 49.0% in 2024 on the back of robust expense management initiatives introduced in the course of the year.
• Return on capital employed was 48.6% and return on assets was 6.2% at year-end 2024. These ratios compared favorably with results for FY 2023 which were 17.3% and 1.5% respectively.
• Year-on-year dividends to shareholders increased from SLE 13.6 million to SLE 66.9 million resulting in massive increase in dividend per share of SLE 0.79. Earnings per share went from SLE 1.06 in 2023 to SLE 5.25 in 2024.
• Non-performing loans ratio dropped from 16% to 14% in 2024. This improvement was on the back of improved credit underwriting and intense recovery drives.
• The bank paid a total of SLE 210.1 million in taxes in 2024.
“These are not just financial figures. These are the building blocks of transformation,” the Chairman emphasized. “We’ve outperformed expectations, strengthened our operations, and reaffirmed Sierra Leone Commercial Bank’s role as a pillar of economic progress in our country.”
The success story, bank executives noted, is one driven by several key factors: strategic leadership from the board, tireless commitment from the bank’s management and staff, and an unwavering customer base that continues to trust SLCB with their financial needs.
Throughout the meeting, recurring themes included digital innovation, customer-centric growth, and responsible banking practices. The Chairman assured shareholders that the momentum would not only continue but accelerate. “We are modernizing, digitizing, and growing with purpose,” he said. “Sierra Leone Commercial Bank is just getting started.”
Analysts say this performance positions SLCB not just as a domestic leader but also as a potential regional player in the West African financial ecosystem. In a time of global uncertainty and national rebuilding, the bank’s financial results are a vote of confidence in Sierra Leone’s economic future.
As shareholders celebrated the milestone, the AGM closed on an ambitious note — with a firm resolve from the leadership to continue redefining banking excellence in Sierra Leone.
“Let us celebrate this milestone — and then, let’s aim even higher,” the Chairman concluded.
