By Hassan Osman Kargbo
United Bank for Africa- Sierra Leone (UBA- SL), one of the fastest-growing and one of the leading financial institutions in the country, has reported its strongest financial performance to date, closing the 2024 financial year with a remarkable 71 percent increase in profit before tax and double-digit growth across all major financial indicators.
According to the bank’s recently released Annual Report and Audited Financial Statements, approved by the Board of Directors and the Bank of Sierra Leone, UBA- SL posted a profit before tax of NLe 833.6 million, a significant rise from NLe 487.8 million in 2023. Profit after tax also saw a strong jump, rising to NLe 622.8 million compared to NLe 365.6 million the previous year.
Gross earnings surged by 59 percent to reach NLe 1.1 billion, reflecting robust growth in both interest and non-interest income. These results place UBA SL among the top-performing banks in the country and underscore its strengthening position in Sierra Leone’s competitive banking sector.
The outstanding performance was made possible under the leadership of Mr. Mohamed Alhajie Samoura, Managing Director and Chief Executive Officer of UBA Sierra Leone. Samoura, who has been at the helm of the bank during a critical growth phase, credited the achievement to the resilience, innovation, and hard work of the entire UBA SL team.
“This performance reflects our unwavering focus on customer-centric banking, operational excellence, and a strong commitment to innovation and financial inclusion,” said Mr. Samoura. “It is the result of teamwork, disciplined execution, and the trust placed in us by our customers and partners.”
Under Samoura’s leadership, UBA SL has expanded its service offerings and enhanced digital banking capabilities to meet the evolving needs of customers across Sierra Leone. The bank’s strategic focus on retail and commercial banking, backed by sound risk management and cost control, has yielded impressive results over the past year.
The financial statements also point to steady growth in the bank’s core banking operations, highlighting increases in customer deposits and loan portfolio, both of which contributed to improved net interest income. Additionally, non-interest income benefited from a rise in transaction volumes and expanded digital channels.
The 2024 results confirm UBA SL’s rising influence in Sierra Leone’s financial landscape and affirm its role as a key driver of economic development through responsible lending, job creation, and financial empowerment initiatives.
Industry analysts have praised the bank’s performance, noting that UBA SL has set a new benchmark for operational efficiency and customer engagement. The bank’s strong capital base, technological innovation, and proactive leadership have positioned it to continue delivering value to shareholders and stakeholders alike.
“These figures are more than just numbers; they tell a story of transformation, resilience, and vision,” said one local financial analyst. “UBA SL is not only competing — it is leading.”
As UBA Sierra Leone looks ahead, the bank has reaffirmed its commitment to deepening financial inclusion, expanding access to digital banking, and supporting the government’s broader economic development agenda.
With continued confidence from regulators, investors, and customers, UBA- SL is poised to sustain its growth trajectory and reinforce its position as a leading force in the financial services industry in Sierra Leone.
