Sierra Leone Commercial Bank (SLCB) celebrated its most profitable year ever at its 52nd Annual General Meeting in Freetown, announcing over SLE 600 million in profits for FY2024.
This achievement signals both institutional strength and national economic progress, said the SLCB Board Chairman Ira Nyake Amara. He added that these figures underscore an historic leap in performance and transformation.
“We have just delivered the most profitable year in our bank’s history,” he said, and added that, “We’ve outperformed expectations, strengthened our operations, and reaffirmed Sierra Leone Commercial Bank’s role as a pillar of economic progress in our country.”
Key highlights include a surge in profit before tax from SLE 127.9 million in 2023 to SLE 612.4 million in 2024, a nearly fivefold increase. Total revenue rose by 61% to over SLE 1.15 billion. Non-funded income increased dramatically by 129.4% to SLE 184.4 million. Net profit grew by 393.3% to SLE 446.5 million, and the cost-to-income ratio dropped significantly from 71.3% to 49.0%.
Return on capital employed soared to 48.6%, and return on assets reached 6.2%, vastly improving from the previous year’s 17.3% and 1.5%, respectively. Dividends to shareholders increased from SLE 13.6 million to SLE 66.9 million, with dividends per share rising to SLE 0.79 and earnings per share jumping to SLE 5.25.
The non-performing loans ratio decreased from 16% to 14%, thanks to better credit practices and recovery efforts. The bank also paid SLE 210.1 million in taxes in 2024.
Chairman Amara said this success could be attributed to the bank’s strategic leadership, dedicated staff, and loyal customer base.
The AGM discussed ways the bank could leverage on digital innovation, customer-centric growth, and responsible banking practices. With plans to modernize and digitize, SLCB aims to become a regional leader, reflecting confidence in Sierra Leone’s economic future.