UBA Sierra Leone Sustains Momentum into 2025
Freetown, Sierra Leone – Early August 2025 — UBA Sierra Leone has kicked off 2025 with strong momentum, building on its impressive performance in 2024. The bank’s latest quarterly newsletter highlights sustained progress in financial inclusion, digital innovation, and strategic expansion.
Financial Highlights
- Profitability Milestones: Following an outstanding 2024—when Profit Before Tax (PBT) surged by 71% to NLe 833.6 million and Profit After Tax (PAT) reached NLe 622.8 million—early indicators point to continued growth in Q1 2025.
- Revenue Growth: Gross earnings climbed by 59% in 2024 to NLe 1.1 billion, driven by increases in both interest income and non-interest revenue streams.
- Cost Efficiency: Despite a 22.4% rise in operating expenses, largely due to inflationary pressures, the bank improved its cost-to-income ratio from 23.6% in 2023 to an efficient 18.1% in 2024.
Balance Sheet & Customer Metrics
- Assets and Deposits: UBA Sierra Leone’s total assets grew by 27.8% in 2024 to NLe 5.2 billion, while customer deposits increased by 22.7% to NLe 3.5 billion.
- Financial Inclusion Drive: The bank opened over 250,000 new accounts and issued approximately 35,740 bank cards in 2024, underscoring its commitment to broadening financial access nationwide.
Digital Innovation & Customer Experience
- AI-Driven Engagement: Growing adoption of UBA’s AI assistant, Leo, along with its mobile banking platforms, continues to strengthen digital engagement across customer segments.
- Customer-Centric Approach: The bank’s “Customer First (C1st)” strategy guides service delivery across branches and digital platforms, emphasizing responsiveness, inclusivity, and innovation.
Strategic Expansion & Leadership Insights
- Branch Network Growth: As part of its national expansion strategy, UBA plans to launch a new branch in Kono District—aimed at increasing access in underserved areas.
- Chairman’s Remarks: Board Chairman Dr. Claudius Bart-Williams praised the bank’s 2024 achievements, highlighting its strategic growth as key to supporting Sierra Leone’s economic development.
- CEO’s Vision: Managing Director/CEO Mohamed Alhajie Samoura reaffirmed the bank’s mission to sustain financial performance while delivering inclusive banking solutions to Sierra Leoneans.
Outlook
With a strong start to 2025, UBA Sierra Leone is well-positioned to achieve its financial inclusion and expansion objectives. Its combination of sound financials, digital transformation, and growing branch network underpins its continued leadership in Sierra Leone’s banking sector.
About UBA Sierra Leone
UBA Sierra Leone, a subsidiary of the UBA Group, delivers innovative, customer-focused banking solutions nationwide. Guided by values of inclusion, service excellence, and operational efficiency, the bank is committed to creating long-term value for stakeholders and communities across the country.
