By Fatima Kpaka
Sierra Leone Commercial Bank (SLCB) has recorded its most profitable year, announcing over SLE 600 million in profits for the 2024 financial year at its 52nd Annual General Meeting (AGM) in Freetown.
Historic Financial Growth
During the AGM, the Chairman declared, “We have just delivered the most profitable year in our Bank’s history!”—a statement reinforced by exceptional financial figures:
– Profit Before Tax skyrocketed from SLE 127.9 million in 2023 to SLE 612.4 million in 2024, marking nearly a fivefold increase.
– Total Revenue surged from SLE 717.4 million to SLE 1.15 billion, reflecting a 61% growth.
– Net profit rose by 393.3%, reaching SLE 446.5 million, while cost-to-income ratio improved from 71.3% to 49.0%.
– Return on capital employed and return on assets jumped to 48.6% and 6.2%, respectively, up from 17.3% and 1.5% in the previous year.
The non-performing loan ratio declined from 16% to 14%, aided by improved credit underwriting and recovery efforts.
– The bank paid a total of SLE 210.1 million in taxes in 2024.
Strengthening Operations & Future Outlook
SLCB executives credited this success to strategic leadership, operational efficiency, and unwavering customer trust. The Chairman reaffirmed the bank’s commitment to modernization, digitization, and customer-focused growth, emphasizing that SLCB is just getting started.
Industry analysts suggest that SLCB’s performance positions it not only as a domestic banking leader but also as a potential regional financial powerhouse within West Africa.
Shareholder Celebrations & Ambitious Future Plans
With dividends increasing from SLE 13.6 million to SLE 66.9 million, stakeholders welcomed the milestone. The AGM ended on an optimistic and ambitious note, with leadership pledging to continue redefining banking excellence in Sierra Leone.
“Let us celebrate this milestone—and then, let’s aim even higher,” the Chairman concluded.