United Bank for Africa (UBA) Sierra Leone has recorded a landmark financial performance for the 2024 fiscal year, reporting double-digit growth across all key indicators and reinforcing its position as one of the fastest-growing financial institutions in the country.

According to its Annual Report and Audited Financial Statements, UBA Sierra Leone posted a profit before tax (PBT) of NLe 833.6 million, a 71 percent increase from NLe 487.8 million in 2023. Profit After Tax (PAT) also rose sharply by 70.3 percent to NLe 622.8 million, up from NLe 365.6 million in the previous year.

The bank’s gross earnings surged by 59 percent to NLe 1.1 billion, compared to NLe 721 million in 2023—driven by robust growth in both interest and non-interest income.

This performance was underpinned by diversified income streams including digital products, trade finance, foreign exchange operations, and transactional banking.

Despite a 22.4 percent rise in operating expenses—largely due to inflation and increased business activity, the bank improved its cost-to-income ratio from 23.6 percent to 18.1 percent , reflecting efficient cost control and enhanced operational leverage.

 “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,” said Dr. Claudius Bart-Williams, chairman of the bank’s board. “This performance is a testament to the dedication of the board, management, and staff.”

Its balance sheet grew by 27.8 percent, closing the year at NLe 5.2 billion, while customer deposits increased by 22.7 percent to NLe 3.5 billion, from NLe 2.8 billion in 2023. The bank’s share capital stands at NLe 139 million, comfortably above the Central Bank’s minimum requirement and positioning the bank ahead of expected 2025 capital reforms.

In line with the Bank of Sierra Leone’s national financial inclusion agenda, UBA Sierra Leone reported the opening of over 250,000 new customer accounts and the issuance of approximately 35,740 bank cards in 2024 alone. This rapid onboarding reflects the success of the bank’s inclusive banking strategy and growing customer confidence in its services.

“Our 2024 results reflect the dedication of our team and the trust of our customers,” said Mohamed Samoura, managing director and CEO of UBA Sierra Leone. “We are proud to deliver strong financial performance while making banking accessible to all Sierra Leoneans.”