Sierra Leone Commercial Bank tops all Banks in profit margins in 2019

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.

3 Comments

  1. The management of this bank have shown, where commitment and good governance, transparency and setting of clear goals, and sticking to them, can produce good results.And I am afraid this is what is lacking at State House under president Bio. And if the bank can post this sort of profits in the middle of the COVID19 pandemic, one wonders , what it could have been if they are not operating under this cloud of new normal that is affecting the whole world . Sierra Leoneans, by and large are industrious people .We tend to be honest and display characteristics of commitment to what we do. That is until we run for Parliament and become MPs. That’s a whole kettle of fish . We all know power corrupts, power corrupts absolutely.

    To Sierra Leonean politicians, it is just a way of life. There is a virus called CORRUPTION, in the Wells of the Sierra Leone parliament, that tensd to infect our politicians. The trouble is we haven’t found the cure. And the Sierra Leonean public is left to pick up the pieces. when it comes to development, the only problem that held us back is our politicians. There is something about our Parliament, that even if you elect the pope or mother Theresa as our MPs, they will be corrupted with power and money. I think the management running this commercial bank should swap places with president Bio, and show them how things are done. Good governance is not limited to aspirations ,but deeds as well. May God bless Sierra leone.

  2. The performance may be due in large part to its management being left alone to Do their job in a totally professional manner. The nation does have professionals who can stand up to the best the world can offer if left alone. The days of the bank being used as a piggy bank by government ministers and others may be over. During the Commissions of Inquiry it came out that in the Koroma years. the bank had to declare many debts as bad, because the well-connected would not pay back loans given to them. They are now probably being made to cough all of it up. The bank may not be allowing them to play for time till APC gets back in.

    It is quite likely that on the quiet, the bank is bankrupting many members of the previous regime, making their lives the opposite of heaven. But some people never learn. Given the same circumstances again they will do the same thing; that is why the laws have to be amended for them to pay back not only all monies owed, but to actually spend some time in jail.

    Nobody will ever bury our dear Sierra Leone, she is here to stay long after those who have sort to destroy her over the years are six feet below earth and forgotten. Where are those now who once felt that they would rule Sierra Leone forever by declaring a one-party state, chased political opponents into exile and executed others?

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