United Bank for Africa (UBA) Sierra Leone has reported a strong start to 2025, building on the remarkable financial and operational achievements recorded in 2024. The bank’s latest quarterly update underscores continued progress in financial inclusion, digital innovation and strategic expansion.

In 2024, UBA Sierra Leone’s Profit Before Tax (PBT) jumped 71% to NLe 833.6 million, while Profit After Tax (PAT) reached NLe 622.8 million. Gross earnings rose 59% to NLe 1.1 billion, driven by growth in both interest and non-interest income. Despite a 22.4% increase in operating expenses, largely due to inflationary pressures, the bank improved its cost-to-income ratio from 23.6% in 2023 to a leaner 18.1% in 2024.

Preliminary Q1 2025 results indicate that this upward trajectory is continuing, reinforcing UBA’s resilience and operational efficiency.

The bank’s total assets climbed 27.8% in 2024 to NLe 5.2 billion, while customer deposits increased by 22.7% to NLe 3.5 billion. Over the same period, UBA opened more than 250,000 new accounts and issued approximately 35,740 bank cards, reflecting its commitment to expanding financial access nationwide.

The adoption of UBA’s AI-powered virtual assistant, LEO, along with robust mobile banking platforms, has accelerated the bank’s digital engagement. The “Customer First (C1st)” strategy continues to shape service delivery, prioritizing responsiveness, inclusivity and innovation across branch and online channels.

As part of its strategic expansion drive, UBA will soon open a new branch in Kono district, enhancing access to banking services in underserved areas.

Board Chairman, Dr. Claudius Bart-Williams, commended the 2024 performance, describing it as a testament to strategic growth that supports Sierra Leone’s economic development. Managing Director and CEO, Mohamed Alhajie Samoura, reaffirmed UBA’s mission to deliver sustainable financial results while promoting inclusive banking solutions for all Sierra Leoneans.

With Q1 2025 performance reinforcing the bank’s momentum, UBA Sierra Leone is poised to achieve its financial inclusion and growth targets for the year. Strong financial fundamentals, a focus on technology and a widening branch network continue to position the bank as a leader in Sierra Leone’s banking industry. https://thecalabashnewspaper.com/uba-sierra-leone-posts-strong-2024-gains-sustains-momentum-in-q1-2025/