By Aminata Abu Bakarr Kamara

Sierra Leone Commercial Bank (SLCB), one of the country’s most enduring financial institutions, has announced a record-breaking performance for the 2024 financial year, reporting its highest-ever profits at its 52nd Annual General Meeting held in Freetown.

Addressing a hall filled with shareholders, senior executives, and banking stakeholders, the Board Chairman declared the 2024 fiscal year as “the most profitable in the Bank’s history,” a statement warmly received with applause and pride by attendees.

The financial highlights told a compelling story of growth, transformation, and renewed investor confidence Profit before tax soared from SLE 127.9 million in 2023 to SLE 612.4 million in 2024 representing a nearly fivefold increase. Total revenue grew by 61%, jumping from SLE 717.4 million to SLE 1.15 billion. Non-funded income doubled, climbing 129.4% from SLE 80.4 million to SLE 184.4 million.Net profit rose from SLE 90.5 million in 2023 to SLE 446.5 million, marking a staggering 393.3% increase.

Cost-to-income ratio significantly improved, dropping from 71.3% to 49.0%, due to strong expense management. Return on capital employed increased from 17.3% to 48.6%, while return on assets climbed from 1.5% to 6.2%. Dividends paid to shareholders surged from SLE 13.6 million to SLE 66.9 million, lifting dividend per share to SLE 0.79 and earnings per share to SLE 5.25. The non-performing loans ratio dropped from 16% to 14%, reflecting strengthened credit risk controls and aggressive recovery strategies. The Bank paid SLE 210.1 million in taxes for the 2024 financial year a clear contribution to national development.

These figures are more than just numbers. They are evidence of our strength, strategy, and responsibility to the nation,” the Chairman said. Sierra Leone Commercial Bank is not just a bank it is a partner in progress, a symbol of resilience, and a beacon of financial inclusion.”

Executives credited the landmark performance to disciplined governance, visionary leadership, digital innovation, and the collective dedication of staff. The bank also attributed its gains to a loyal customer base that continues to rely on SLCB’s expanding services, especially amid efforts to modernize banking across the country.

Strategic discussions during the AGM centered on embracing technology, enhancing customer experience, and advancing sustainable banking practices. The Chairman reaffirmed that SLCB is not only ready to sustain its growth but also committed to expanding its footprint.

We are evolving digitizing our systems, refining our services, and staying true to our purpose, he said, the journey has just begun industry observers say SLCB’s performance sets a new benchmark in Sierra Leone’s banking sector and opens the door for future regional influence across West Africa. As the curtains closed on the AGM, shareholders and board members left with a renewed sense of optimism  and a shared belief that Sierra Leone Commercial Bank is poised to lead the next era of financial excellence in the country.

Copy right –Printed in the Expo Times News on Friday, June 13TH, 2025 (ExpoTimes News – Expo Media Group (expomediasl.com)