UBA Sierra Leone’s 2024 Audited Financial Statements Reveal Stellar Growth and Strong Commitment to Financial Inclusion

UBA Sierra Leone’s 2024 Audited Financial Statements 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 2023. 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