UBA Sierra Leone Closes 2024 with Exceptional Financial Results, Drives Growth and Financial Inclusion
Freetown, Sierra Leone – Monday, 23rd June 2025 – UBA Sierra Leone has concluded the 2024 financial year with remarkable performance, posting significant growth across all key financial metrics. The Bank’s Annual Report and Audited Financial Statements, approved by the Board of Directors and the Bank of Sierra Leone (BSL), underscore a year defined by operational excellence, financial strength, and strategic expansion.
Strong Financial Performance Across All Metrics
In 2024, Profit Before Tax (PBT) surged by 71% year-on-year to NLe 833.6 million, up from NLe 487.8 million in 2023. Profit After Tax (PAT) also increased substantially to NLe 622.8 million, from NLe 365.6 million in the previous year, highlighting strong bottom-line growth.
Gross earnings rose by 59% to NLe 1.1 billion, driven by improvements in both interest and non-interest income. UBA Sierra Leone’s diversified revenue streams—including transactional banking, digital products, trade finance, and foreign exchange services—were instrumental in this growth.
Despite a 22.4% increase in operating expenses, largely due to inflation and increased business volume, the Bank achieved a significant improvement in its cost-to-income ratio, dropping from 23.6% to 18.1%, demonstrating effective cost management and operational efficiency.
“The Board is pleased with the Bank’s outstanding achievements in 2024. UBA Sierra Leone’s strong financial performance and strategic initiatives continue to support Sierra Leone’s economic development, of which we are very proud. These achievements reflect the dedication of our Board, Management, and Staff, who deserve the highest commendation. We remain focused on delivering long-term value to our stakeholders.”
— Dr. Claudius Bart-Williams, Board Chairman, UBA Sierra Leone
Stronger Balance Sheet and Capital Position
UBA Sierra Leone’s balance sheet grew by 27.8%, reaching NLe 5.2 billion, supported by a 22.7% increase in customer deposits, which rose from NLe 2.8 billion to NLe 3.5 billion. The Bank’s capital position remains strong, with share capital of NLe 139 million, well above the Central Bank’s regulatory minimum, positioning UBA to meet 2025 capital requirements ahead of schedule.
Championing Financial Inclusion and Innovation
Aligned with the Bank of Sierra Leone’s financial inclusion agenda, UBA Sierra Leone opened over 250,000 new customer accounts and issued approximately 35,740 cards in 2024. These efforts reinforce the Bank’s commitment to expanding access to banking services across the country.
“Our 2024 results reflect the commitment of our team and the continued trust of our customers. We’re proud to deliver strong financial outcomes while making banking more accessible to Sierra Leoneans. Our emphasis on innovation, customer service, and operational excellence will continue to drive our sustainable growth.”
— Mohamed Alhajie Samoura, Managing Director/CEO, UBA Sierra Leone
UBA has also reinforced its position as a digital banking leader, offering modern mobile banking and AI-powered solutions such as LEO—a virtual assistant delivering seamless, 24/7 banking experiences. These digital platforms have significantly enhanced customer engagement and broadened market reach.
Branch Network Expansion Planned
To further strengthen its national footprint, UBA Sierra Leone plans to expand its branch network, with a new branch set to open in Kono. This initiative is part of the Bank’s broader strategy to deepen financial inclusion and reach underserved communities.
About UBA Sierra Leone
UBA Sierra Leone is a leading financial institution committed to delivering innovative banking solutions, supporting national economic growth, and championing financial inclusion. With a growing footprint and a customer-first approach, UBA continues to set new standards in Sierra Leone’s banking industry.
