{"id":447,"date":"2024-08-01T22:01:56","date_gmt":"2024-08-01T22:01:56","guid":{"rendered":"https:\/\/vindicatorslnews.com\/?p=447"},"modified":"2024-08-01T22:02:28","modified_gmt":"2024-08-01T22:02:28","slug":"uba-sierra-leone-financial-performance-report-2023","status":"publish","type":"post","link":"https:\/\/vindicatorslnews.com\/?p=447","title":{"rendered":"UBA Sierra Leone Financial Performance Report 2023"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\"><\/h3>\n\n\n\n<p><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Achieved a 68% Year-on-Year (YoY) growth, increasing to SLE 721 million from SLE 427 million in 2022.<\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Experienced a 79.9% YoY growth.<\/li>\n\n\n\n<li>PBT rose to SLE 487.8 million from SLE 271 million.<\/li>\n\n\n\n<li>PAT increased to SLE 365.6 million from SLE 203 million.<\/li>\n<\/ul>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>Cost-to-Income Ratio<\/strong>:\n<ul class=\"wp-block-list\">\n<li>Improved to 23.6% compared to 28.0% in the previous financial year (2022).<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Return on Average Equity (RoAE)<\/strong>:\n<ul class=\"wp-block-list\">\n<li>Increased to 73.1% from 52.2% in 2022.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Corporate Income Tax<\/strong>:\n<ul class=\"wp-block-list\">\n<li>Increased payment obligation to SLE 122 million from SLE 67.9 million in 2022.<\/li>\n<\/ul>\n<\/li>\n<\/ol>\n\n\n\n<h4 class=\"wp-block-heading\">Balance Sheet<\/h4>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>Total Assets<\/strong>:\n<ul class=\"wp-block-list\">\n<li>Grew by 38% YoY to SLE 4.11 billion from SLE 2.97 billion in 2022.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Net Loans<\/strong>:\n<ul class=\"wp-block-list\">\n<li>Increased by 80% YoY to SLE 465.2 million from SLE 258.1 million.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Customer Deposits<\/strong>:\n<ul class=\"wp-block-list\">\n<li>Rose by 37.5% YoY to SLE 2.86 billion from SLE 2.08 billion in 2022.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Shareholders\u2019 Funds<\/strong>:\n<ul class=\"wp-block-list\">\n<li>Grew by 27% YoY to SLE 559.5 million from SLE 439.9 million in 2022.<\/li>\n<\/ul>\n<\/li>\n<\/ol>\n\n\n\n<h3 class=\"wp-block-heading\">Key Highlights<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Approval<\/strong>: Received the &#8220;No Objection&#8221; approval from the Bank of Sierra Leone to publish the audited financial statement for the year ended 2023.<\/li>\n\n\n\n<li><strong>Gross Earnings and Net Interest Income<\/strong>:\n<ul class=\"wp-block-list\">\n<li>Gross earnings saw a significant increase of 68% in 2023.<\/li>\n\n\n\n<li>Net interest income increased by 68.2%, from SLE 278.9 million to SLE 469.3 million.<\/li>\n\n\n\n<li>Non-interest income grew by 72.5%, from SLE 102.7 million to SLE 177.2 million.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Operating Expenses<\/strong>:\n<ul class=\"wp-block-list\">\n<li>Increased by 42.4% due to growth in business operations and general inflationary trends.<\/li>\n\n\n\n<li>Cost-to-income ratio improved from 28.0% in 2022 to 23.6% in 2023.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Loan Portfolio<\/strong>:\n<ul class=\"wp-block-list\">\n<li>Increased by 80% to SLE 465.2 million with a non-performing loan ratio of 1.64%.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Capital Adequacy Ratio<\/strong>:\n<ul class=\"wp-block-list\">\n<li>Maintained at 85.4%, above the regulatory minimum of 15%.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Leadership and Strategic Focus<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Managing Director\/CEO<\/strong>: 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&#8217;s inception in Sierra Leone in 2008.<\/li>\n\n\n\n<li><strong>Strategic Initiatives<\/strong>:\n<ul class=\"wp-block-list\">\n<li>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.<\/li>\n\n\n\n<li>Launched UBA NextGen Product with George Menelik Benjamin (Drizilik) as the brand ambassador.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Industry Leadership and Digitalization<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Digital Offerings<\/strong>:\n<ul class=\"wp-block-list\">\n<li>Emphasis on digital banking through LEO, an AI bot providing interactive and user-friendly banking solutions.<\/li>\n\n\n\n<li>Commitment to expanding digital capabilities to enhance customer experience.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Awards and Recognition<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Major Awards<\/strong>:\n<ul class=\"wp-block-list\">\n<li>The Banker&#8217;s Bank of the Year 2022 and 2023 from the Financial Times of the United Kingdom.<\/li>\n\n\n\n<li>National Climate Change Partnership Award.<\/li>\n\n\n\n<li>National Development Award for Exceptional Bank of the Year in Digital Services and Financial Inclusion.<\/li>\n\n\n\n<li>Business Excellence Award for corporate excellence and socio-economic growth in Sierra Leone.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Global Presence<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>UBA Group<\/strong>:\n<ul class=\"wp-block-list\">\n<li>Operating in 20 African countries, the UK, USA, France, and the UAE.<\/li>\n\n\n\n<li>Committed to financial inclusion and leveraging cutting-edge technology.<\/li>\n\n\n\n<li>Celebrating 75 years of innovation, agility, service excellence, and value creation.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Conclusion<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Vision<\/strong>: UBA Sierra Leone aims to drive financial inclusion in Africa through innovative products, excellent customer service delivery, and extensive global network.<\/li>\n\n\n\n<li><strong>Performance<\/strong>: The 2023 financial performance consolidates UBA Sierra Leone&#8217;s position as a leading financial services provider in Sierra Leone, aligning with the UBA Group&#8217;s vision of market leadership in all operating countries.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Balance Sheet Key Highlights Leadership and Strategic Focus Industry Leadership and Digitalization Awards and Recognition&#8230;<\/p>\n","protected":false},"author":3,"featured_media":448,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-447","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/vindicatorslnews.com\/index.php?rest_route=\/wp\/v2\/posts\/447","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/vindicatorslnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/vindicatorslnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/vindicatorslnews.com\/index.php?rest_route=\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/vindicatorslnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=447"}],"version-history":[{"count":1,"href":"https:\/\/vindicatorslnews.com\/index.php?rest_route=\/wp\/v2\/posts\/447\/revisions"}],"predecessor-version":[{"id":449,"href":"https:\/\/vindicatorslnews.com\/index.php?rest_route=\/wp\/v2\/posts\/447\/revisions\/449"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/vindicatorslnews.com\/index.php?rest_route=\/wp\/v2\/media\/448"}],"wp:attachment":[{"href":"https:\/\/vindicatorslnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=447"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/vindicatorslnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=447"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/vindicatorslnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=447"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}