As in previous years in the recent past, led by the consummate banking Guru Abdul Fidelis Turay who is ably assisted by Deputy Managing Director, Bockarie Kalokoh and powered by a team of highly qualified, dedicated patriotic minded senior management staff and a very supportive Chairman and Board of Directors, the Sierra Leone Commercial Bank has once again surpassed itself.
Enviably topping the Bank of Sierra Leone’s commercial banks performance chart for twelve consecutive quarters (4 years), SLCB in its 2020 Financial Year statement reports an astounding Le140.2 billion pre-tax profit.
It is no wonder why the consummate Sierra Leone Commercial Bank Managing Director, Abdul Fidelis Turay keeps telling management and staff that even though the Bank is at the pinnacle of success, they should continue pushing to reach higher heights.
SLCB’s 2020 Financial Year Report is testimony to the effectiveness of that exhortation. Pulling together as a team, SLCB surpassed the previous year success.
In spite of the difficult financial challenge posed to the economy by COVID-19 in 2020 that did not prevent SLCB from ending the year with a profit before tax of Le140.2 billion; surpassing 2019 profit by 10.3% (Le13.1billion) due to strong revenue momentum.
Significantly, the Profit after tax of Le105.9 billion was the largest in the industry and represented a steady year-on-year growth of 10.4% (Le9.96 billion). Highlights of SLCB’s 2020 phenomenal performance are as follows:
Deposits from Customers grew by 33.1% to Le1.7trillion
PBT (Profit Before Tax) grew by 10.3% to Le140.2billion
39.1% Growth in Total Assets to Le2.4 trillion
Growth in Shareholders’ Funds exceeded Le100 billion year-on-year
Net Profit increased by 10.4% to Le105.9 billion
Staff complement was 611 Sierra Leoneans as at December 2020
These exceptional performance was achieved through focused execution and a commitment to customer-led strategy, making SLCB a Bank of choice for all Sierra Leoneans.
SLCB continues to invest in technology to deliver on their promise to all stakeholders.
Mi Yone Savings and other digital products performed exceptionally well and have further deepened the Bank’s reach into the unbanked segment of the population. In taking financial inclusivity to the grassroots, many SLCB customers have said that the bank’s community banking kiosks in Goderich, Wilberforce and Jui have been of great help to them.
To further ease banking activities for their customers, SLCB introduced both Orange and Africell mobile apps to enable their customers purchase goods and services and transfer money from their bank accounts to their wallets and vici versa.
These products, management notes, have expanded SLCB touch points beyond the traditional brick and mortal banking model, affording customers the luxury of performing their banking transactions anywhere, at any time.