Sierra Leone Telegraph: 15 August 2020:
The nation’s leading bank, the Sierra Leone Commercial Bank continues to firmly stamp its leadership in the banking industry by increasing net profit by 63.1% in 2018 to Le95.9 billion in 2019.
The increase was as a result of massive revenue generation and bad debt recovery drive.
The Bank’s performance in 2019 was underpinned by its commitment to excellent service, investment in human capital, exemplary corporate governance and innovation.
Despite operating in a competitive business environment, the Bank achieved total revenue of SLL 270.2 billion during the year.
Net interest income grew by 19.8% to SLL 193.5 billion.
Net loans and advances grew by 50.6% to SLL 263.1 billion from SLL 174.7 billion, and investment securities also increased by 1.5% to SLL 1.02 trillion.
Non funded income comprising of transaction fees, commission and forex revenue increased by 23.8% from SLL 60.9 billion to SLL 75.5 billion on account of increases in margin on forex deals and volume of transactions.
Operating costs increased by 13.6% to SLL 118.0 billion driven in large part by increased investment in human capital and other related operating expenses.
Net impairment dropped from SLL 21.5 billion (2018) to SLL 9.02 billion (2019) on the back of aggressive recovery drive by management in 2019.