AYV News, July 2, 2025
Sky Bank has announced its financial results for the year ended 31 December 2024, reporting a significant increase in profitability, driven by strong operational performance, cost management and continued focus on innovation and customer acquisition.
Key Financial Highlights:
The Profit Before Tax (PBT) was NLe69million in 2024 up by 21% from NLe57 million in 2023. This progressive increase was expected, considering the growth in the bank’s balance sheet in 2024 across different segments. The bank’s core service, exemplified by its Loans and Advances to customers, witnessed an increase of 108%, equivalent to NLe201 million, growing from NLe185.8 million in 2023 to NLe387 million in 2024. Investments in Government Securities also showed a notable growth of NLe134.5 million, representing 56% increase from NLe240.7 million in 2023 to NLe375.2 in 2024.
Total Revenue:
Total revenue also increased by 71%, from NLe174.28 million in 2023 to NLe294.83 million in 2024, reflecting a substantial growth in the bank’s overall performance.
Cost-to-Income Ratio: The Cost-to-Income Ratio for the year was 59%.
Total Deposits have been growing year-on-year. It increased from NLe747.6million in 2023 to NLe1,043million in 2024 representing a 40% growth. The bank’s Profit after Tax increased by NLe8.2 million from NLe43.5 million in 2023 to NLe51.7 million in 2024. It is equally noteworthy that the tax paid to the government constituted one of the most significant movements in the balance sheet. Taxes paid to the government increased by 24% amounting to NLe3.3 million, rising from NLe13.3 million in 2023 to NLe17.2 million in 2024.
The results reflect the dedication of the staff, trust of the customers and the effectiveness of the long-term strategy. As we continue to navigate a dynamic operating environment, our focus remains on delivering value to stakeholders while supporting sustainable growth, the bank reported.
Sky Bank’s financial report for 2024 shows a resilient and thriving institution. The bank attributes the performance to increased lending activity, prudent risk management, enhanced digital offerings and growth in fee-based income. Strategic investments mad in technology and customer service have also contributed to increased operational resilience and customer satisfaction.
Looking ahead in 2025, Sky Bank remains committed to responsible growth, digital transformation and playing a leading role in supporting businesses and contributions to the financial landscape of Sierra Leone.
