Skye Bank shines with highest PBT growth, sector records 65% overall surge
By zainab.joaque@awokonewspapersl.com
Freetown, Sierra Leone – Sierra Leone’s commercial banking sector recorded robust performance in 2023, with the United Bank for Africa (UBA) emerging as the most profitable bank by Profit Before Tax (PBT), according to audited financial statements released by the top financial institutions.
Top 10 Commercial Banks by 2023 PBT
| BANK | Profit before tax (2023) NLe | Profit before tax (2022) NLe | ||
| 1 | United Bank of Africa | 487,810 | 271,174 | 1st |
| 2 | ECOBANK | 219,216 | 166,531 | 2nd |
| 3 | Rokel Commercial Bank | 191,627 | 94,000 | 3rd |
| 4 | Guaranty Trust Bank | 179,403 | 82,309 | 4th |
| 5 | ZENITH Bank | 149,129 | 92,042 | 5th |
| 6 | Sierra Leone Commercial Bank | 127,922 | 119,015 | 6th |
| 7 | VISTA Bank | 97,899 | 60,160 | 7th |
| 8 | STANDARD CHARTERED BANK | 97,075 | 67,980 | 8th |
| 9 | ACCESS Bank | 81,472 | 53,023 | 9th |
| 10 | Skye Bank | 57,454 | 18,727 | 10th |
UBA posted a commanding PBT of NLe487.81 million, accounting for 29% of the total profits earned by the top ten commercial banks, which collectively reported a pre-tax profit of NLe1.69 billion—a remarkable 65% increase from NLe1.02 billion in 2022.
While UBA led in absolute profit, Skye Bank stood out with the most dramatic year-on-year performance, achieving a 207% increase in PBT to NLe57.45 million—the highest growth rate among the top ten, albeit from a smaller base.
Other strong performers included GTB and RCB, which each posted PBT growth exceeding 100%, underlining a year of aggressive expansion and operational efficiency across several players in the sector.
The sharp rise in profitability across the board signals growing resilience in the banking sector amid economic headwinds. With strong balance sheets and improved earnings, commercial banks are likely to play a critical role in supporting Sierra Leone’s broader economic recovery and private sector growth. ZIJ/12/5/2025
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