…Reveal Stellar Growth and Strong Commitment to Financial Inclusion
- Profit Before Tax (PBT)- surged 71% year-on-year to NLe 833.6 million (from NLe 487.8
million in 2023). - Profit After Tax (PAT)- increased to NLe 622.8 million from NLe 365.6 million in 2023,
reflecting strong bottom-line growth. - Gross earnings grew- by 59% to NLe 1.1 billion, from NLe 721 million in 2023.
- Balance sheet expanded-by 27.8% to NLe 5.2 billion, supported by a growing
customer base. - Customer deposits grew 22.7% to NLe 3.5 billion from NLe 2.8 billion in 2023.
- Account opened-Over 250,000 new customer accounts opened and
approximately 35,740 cards issued in 2024, advancing national financial inclusion
goals.
Freetown, Sierra Leone – Monday 23rd June, 2025:
UBA Sierra Leone has closed the 2024 financial year with remarkable
Achievements, posting impressive growth across all key financial
metrics. The Bank’s Annual Report and Audited Financial
Statements that was approved by the Board of Directors and the
Bank of Sierra Leone (BSL), underscore a year of robust
Performance, operational efficiency, and strategic expansion.
Outstanding Financial Performance
UBA Sierra Leone recorded a Profit Before Tax (PBT) of NLe 833.6
million in 2024, a striking 71% increase from NLe 487.8 million in
- Profit After Tax (PAT) also surged to NLe 622.8 million, up from
NLe 365.6 million the previous year. Gross earnings rose by 59% to
NLe 1.1 billion, fueled by growth in both interest and non-interest
income streams.
The Bank’s diversified income sources, including transactional
banking, digital products, trade finance, and foreign exchange
operations, played a pivotal role in driving this growth. Despite a
22.4% rise in operating expenses attributable to inflation and
increased business volume, UBA improved its cost-to-income ratio
from 23.6% to an efficient 18.1%, reflecting prudent expense
management.
“The Board is pleased with the Bank’s outstanding achievements
in 2024. UBA Sierra Leone’s solid financial position and strategic
initiatives help the bank support Sierra Leone’s economic
development, of which we are very proud. Of course, the
achievement of the Bank reflects the dedication and support of
my colleagues on the Board, the Management and Staff of the
Bank, who deserve the highest commendation. As a Bank, we
remain confident in and focused on the Bank’s ability to create
long-term value for our stakeholders.” Dr. Claudius Bart Williams,
Board Chairman, UBA Sierra Leone.
Strengthened Capital Base and Customer Growth
UBA Sierra Leone’s balance sheet expanded by 27.8%, reaching
NLe 5.2 billion, supported by a 22.7% increase in total customer
deposits to NLe 3.5 billion from NLE 2.8 billion in 2024. The Bank
maintains a strong capital position with share capital of NLe 139
million, comfortably exceeding the Central Bank’s regulatory
minimum and positioning UBA ahead of the upcoming capital
requirements for 2025.
Driving Financial Inclusion and Digital Innovation
Aligned with the Bank of Sierra Leone’s national financial inclusion
agenda, UBA Sierra Leone opened over 250,000 new customer
accounts and issued approximately 35,740 cards in 2024. The
Bank’s customer-centric “Customer First (C1st)” philosophy remains
central to its operations, ensuring exceptional service delivery at
every touchpoint.
“Our 2024 results reflect the dedication of our team and the trust of
our customers. We are proud to deliver strong financial
performance while advancing our mission to make banking
accessible to all Sierra Leoneans. Our focus on innovation,
customer service, and operational excellence will continue to drive
sustainable growth.” Mohamed Alhajie Samoura, Managing
Director/CEO of UBA Sierra Leone, stated.
UBA Sierra Leone has also cemented its leadership in digital
banking, offering innovative mobile banking solutions and AI-driven
services such as LEO. These digital platforms provide customers with
seamless, anytime-anywhere access to banking services,
enhancing engagement and broadening market reach.
Strategic Expansion on the Horizon
Continuing its growth trajectory, UBA Sierra Leone is set to expand
its branch network, including plans to open a new branch in Kono.
This move aims to deepen financial inclusion and extend the
Bank’s footprint across the country.
About UBA Sierra Leone
UBA Sierra Leone is a leading financial institution committed to
delivering innovative banking solutions and fostering financial
inclusion. With a growing network and a customer-first approach,
UBA continues to set new standards in the Sierra Leonean banking
sector.
For media inquiries, please contact:
UBA Sierra Leone Marketing and Corporate Communications
Team
Email: mccsierraleone@ubagroup.com
Phone: +232 79066424/+23278200200
