Sierra Leone Commercial Bank (SLCB) has announced the most profitable year in its 52-year history, recording a staggering profit of over SLE 600 million for the 2024 financial year.
At its Annual General Meeting held in Freetown, the bank’s Board Chairman, Ira Nyake Amara, hailed the achievement as a historic milestone that underscores the strength of the institution and reflects growing confidence in the national economy.
“We have just delivered the most profitable year in our bank’s history,” Amara told shareholders. “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 bank reported a nearly fivefold increase in profit before tax—from SLE 127.9 million in 2023 to SLE 612.4 million in 2024. Total revenue surged by 61% to SLE 1.15 billion, while non-funded income jumped by 129.4% to SLE 184.4 million. Net profit grew by 393.3% to SLE 446.5 million.
The cost-to-income ratio fell sharply from 71.3% to 49.0%, signaling greater efficiency in operations. Key financial indicators also showed remarkable improvement: return on capital employed rose to 48.6%, and return on assets climbed to 6.2%—up from 17.3% and 1.5% respectively in the previous year.
Shareholders saw significant gains, with dividends rising from SLE 13.6 million to SLE 66.9 million. Dividends per share increased to SLE 0.79, while earnings per share reached SLE 5.25.
The bank also made notable progress in credit management, with its non-performing loans ratio decreasing from 16% to 14%, attributed to improved lending practices and recovery efforts. Additionally, SLCB contributed SLE 210.1 million in taxes to the state.
Looking ahead, the bank is focused on digital innovation and expanding customer-centric services. The AGM also highlighted plans to modernize operations and explore regional opportunities, with the aim of positioning SLCB as a leader not only in Sierra Leone but across West Africa.
Chairman Amara credited the bank’s success to strategic leadership, committed staff, and a loyal customer base. He reaffirmed SLCB’s commitment to responsible banking and sustainable economic growth.
“This performance is not just a win for our institution—it’s a vote of confidence in the future of Sierra Leone’s economy,” he said.
By Laura Smith
