United Bank for Africa (UBA) Sierra Leone has released its 2024 Audited Financial Statements, showcasing a year of exceptional growth, operational efficiency and unwavering commitment to financial inclusion.

According to Managing Director/CEO, Mohamed Alhajie Samoura, the year 2024 marked a period of remarkable performance across all key financial indicators. “We posted a stellar 71% growth in Profit Before Tax, hitting NLe 833.6 million, while gross earnings surged by 59% to NLe 1.1 billion. Our total assets rose by 27.8% to NLe 5.2 billion,” he announced.

Mohamed Alhajie Samoura emphasized the bank’s focus on accessibility and customer expansion, noting that over 250,000 new accounts were opened and approximately 35,740 ATM cards issued in 2024 alone ; a major contribution to Sierra Leone’s national financial inclusion goals.

The Bank’s financial highlights from the 2024 fiscal year include:

- Profit Before Tax (PBT): Increased by 71% to NLe 833.6 million from NLe 487.8 million in 2023.


- Profit After Tax (PAT): Rose to NLe 622.8 million from NLe 365.6 million in 2023.


- Gross Earnings: Grew by 59% to NLe 1.1 billion, compared to NLe 721 million in the previous year.


- Total Assets: Expanded by 27.8%, reaching NLe 5.2 billion.


- Customer Deposits: Increased by 22.7% to NLe 3.5 billion, up from NLe 2.8 billion.

The Bank’s annual report, which has been approved by both its Board of Directors and the Bank of Sierra Leone, reflects its strategic efforts to strengthen core banking operations and increase its national footprint. Despite a 22.4% rise in operating expenses, largely due to inflationary pressures and business expansion, the Bank improved its cost-to-income ratio from 23.6% to 18.1%, demonstrating sound cost management.

Commenting on the performance, Dr. Claudius Bart-Williams, Board Chairman of UBA Sierra Leone, remarked:

“The Board is pleased with the Bank’s outstanding achievements in 2024. UBA Sierra Leone’s solid financial position and strategic initiatives enable us to support the country’s economic development. These results are a testament to the dedication of our Board, Management and Staff.”

With a share capital of NLe 139 million, UBA Sierra Leone maintains a strong capital position, well above the Central Bank’s regulatory minimum and is poised to meet the upcoming 2025 capital requirement thresholds.

In line with the Bank of Sierra Leone’s drive toward financial inclusion, UBA Sierra Leone significantly broadened its reach in 2024, both physically and digitally. The Bank has maintained its leadership in digital innovation through offerings such as its AI-powered virtual assistant, LEO, and mobile banking platforms, giving customers round-the-clock access to banking services.

“Our 2024 results reflect the dedication of our team and the trust of our customers,” said Mohamed Alhajie Samoura. “We are proud to deliver strong financial performance while staying true to our mission of making banking accessible to all Sierra Leoneans. Our focus remains on innovation, customer service and operational excellence.”

Looking ahead, UBA Sierra Leone plans to further expand its branch network, including the opening of a new branch in Kono, as part of its nationwide expansion strategy.

UBA Sierra Leone continues to assert its position as a leading financial institution in the country, committed to delivering inclusive, technology-driven banking services that drive national development and long-term value for stakeholders. https://thecalabashnewspaper.com/uba-sierra-leone-reports-nle-833-6-million-pre-tax-profit-59-earnings-growth/