36.1 C
Sierra Leone
Monday, February 26, 2024

Skye Bank Grows Customers’ Deposits by 100%; Profit by 44%

HomeBusinessSkye Bank Grows Customers’ Deposits by 100%; Profit by 44%

Skye Bank Grows Customers’ Deposits by 100%; Profit by 44%

Date:

Related stories

NaCSA, UNICEF discuss Child Marriage Prevention through Social Protection

The National Commission for Social Action (NaCSA) and the...

V.P Jalloh calls revamped Mano River Union

Sierra Leone’s Vice President, Dr Mohamed Juldeh Jalloh has...

Legal Aid Board represents 15 accused in the Court Martial

The Legal Aid Board is providing legal representation to fifteen of the twenty-seven soldiers...

Skye Bank Sierra Leone Limited recorded an impressive 100% increase in its customers’ deposits growing from its prior year base of SLe207.6 million in FY2021 to SLe414.2 million as at December 31, 2022. The bank also posted a 44% growth in its Profit Before Tax (PBT) to SLe18.7 million in FY2022 from the SLe13 million achieved in FY2021.

These among other impressive performance results achieved by the financial institution was contained in its 2022 Financial Statements recently approved by the Bank of Sierra Leone (BSL).

Other key performance highlights show that revenue from commission and fees witnessed a massive growth of 88% from SLe8.79 million in FY2021 to SLe16.52 million in FY2022 while total net revenue rose by 43% from SLe53.69 million in FY2021 to SLe76.70 million in FY2022. This was largely attributed to increased transaction volumes during the review period when compared to the prior period.

The bank’s total assets recorded a substantial increase, with a growth of 79% from SLe319.25 million in FY2021 to SLe571.96 million in FY2022.

Skye Bank’s investments in government securities also recorded a growth of 61%, reaching SLe113 million in FY2022 compared to SLe70.2 million in FY2021.

The bank’s loans and advances grew by 21%, from SLe135.56 million in FY2021 to SLe164.26 million in FY2022, and the cash and cash equivalents experienced a remarkable growth of 377%, from SLe53.2 million in FY2021 to SLe254.2 million in FY2022.

The bank has attributed its performance to the focused execution of well-defined growth strategies aimed at positioning the bank within the top tier of players in the industry.  The Bank is currently taking steps to expand its presence in the country’s provincial areas to increase its service coverage for customers. The bank is set to open a new branch in Makeni City, which will be its second provincial branch. The first provincial branch, located in Bo, was established in April 2022.

The bank is also set to deploy its playbook within the digital banking space with the successful launch of various electronic banking (e-banking) products and services including corporate and retail internet banking, debit cards (MasterCard), and mobile banking apps. Additionally, the bank is in the process of installing more ATMs across its branch network.

These digital channel services are being introduced to enhance the delivery of convenience to its customers and to promote the Bank of Sierra Leone’s cashless and financial inclusion policy. See pages 8 and 9 of this edition for more.

Latest stories

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once