Achieved a 68% Year-on-Year (YoY) growth, increasing to SLE 721 million from SLE 427 million in 2022.
Experienced a 79.9% YoY growth.
PBT rose to SLE 487.8 million from SLE 271 million.
PAT increased to SLE 365.6 million from SLE 203 million.
Cost-to-Income Ratio:
Improved to 23.6% compared to 28.0% in the previous financial year (2022).
Return on Average Equity (RoAE):
Increased to 73.1% from 52.2% in 2022.
Corporate Income Tax:
Increased payment obligation to SLE 122 million from SLE 67.9 million in 2022.
Balance Sheet
Total Assets:
Grew by 38% YoY to SLE 4.11 billion from SLE 2.97 billion in 2022.
Net Loans:
Increased by 80% YoY to SLE 465.2 million from SLE 258.1 million.
Customer Deposits:
Rose by 37.5% YoY to SLE 2.86 billion from SLE 2.08 billion in 2022.
Shareholders’ Funds:
Grew by 27% YoY to SLE 559.5 million from SLE 439.9 million in 2022.
Key Highlights
Approval: Received the “No Objection” approval from the Bank of Sierra Leone to publish the audited financial statement for the year ended 2023.
Gross Earnings and Net Interest Income:
Gross earnings saw a significant increase of 68% in 2023.
Net interest income increased by 68.2%, from SLE 278.9 million to SLE 469.3 million.
Non-interest income grew by 72.5%, from SLE 102.7 million to SLE 177.2 million.
Operating Expenses:
Increased by 42.4% due to growth in business operations and general inflationary trends.
Cost-to-income ratio improved from 28.0% in 2022 to 23.6% in 2023.
Loan Portfolio:
Increased by 80% to SLE 465.2 million with a non-performing loan ratio of 1.64%.
Capital Adequacy Ratio:
Maintained at 85.4%, above the regulatory minimum of 15%.
Leadership and Strategic Focus
Managing Director/CEO: Mohamed Alhajie Samoura was approved as the substantive Managing Director/CEO of UBA Sierra Leone, the first Sierra Leonean to hold this position since the bank’s inception in Sierra Leone in 2008.
Strategic Initiatives:
UBA Sierra Leone adheres to the UBA Group 4.0 direction focusing on customer-centric philosophy, strategic product implementation, sustainable growth strategies, operational excellence, and digital transformation.
Launched UBA NextGen Product with George Menelik Benjamin (Drizilik) as the brand ambassador.
Industry Leadership and Digitalization
Digital Offerings:
Emphasis on digital banking through LEO, an AI bot providing interactive and user-friendly banking solutions.
Commitment to expanding digital capabilities to enhance customer experience.
Awards and Recognition
Major Awards:
The Banker’s Bank of the Year 2022 and 2023 from the Financial Times of the United Kingdom.
National Climate Change Partnership Award.
National Development Award for Exceptional Bank of the Year in Digital Services and Financial Inclusion.
Business Excellence Award for corporate excellence and socio-economic growth in Sierra Leone.
Global Presence
UBA Group:
Operating in 20 African countries, the UK, USA, France, and the UAE.
Committed to financial inclusion and leveraging cutting-edge technology.
Celebrating 75 years of innovation, agility, service excellence, and value creation.
Conclusion
Vision: UBA Sierra Leone aims to drive financial inclusion in Africa through innovative products, excellent customer service delivery, and extensive global network.
Performance: The 2023 financial performance consolidates UBA Sierra Leone’s position as a leading financial services provider in Sierra Leone, aligning with the UBA Group’s vision of market leadership in all operating countries.
