Rokel Commercial Bank (RCB) has posted the biggest profit after tax in the banking industry in Sierra Leone for the year 2010.
According to its published financial report for 2010, the locally owned bank recorded a profit after tax of 15 billion Leones (Le15,010,434) surpassing its nearest rival the multinational owned Standard Chartered Bank (SCB) by nearly two and a half billion Leones. Standard Chartered Bank posted the second biggest profit after tax of 12.6 billion Leones (Le12,633,116).
The other locally owned Sierra Leone Commercial Bank (SLCB) recorded the third highest profit after tax in the industry of 12.5 billion Leones. The consistent performing Nigerian owned Guaranty Trust Bank (GTB) posted the fourth largest profit after tax of 7.3 billion Leones (Le7,265,580) followed by the third locally owned Union Trust Bank (UTB) who recorded the fifth largest profit after tax of 5.7 billion Leones (Le5,735,387).
The top five banks who have posted the biggest after tax profit therefore includes the three Sierra Leonean owned Banks ( Rokel, SLCB and UTB), along with one multinational (SCB) and one Nigerian owned Bank (GTB). Altogether the top five banks posted a profit after tax of 53 billion Leones (Le53,113,908).
Asked for his reaction after recording the biggest after tax profit, Deputy Managing Director Micheal Collier said “A sense of achievement,” adding “We worked hard to get to that position. Our expertise is our strength.”
On the question of how they were able to make such huge profits when the economy seemed to be on the back foot, Collier said “The assets of the bank, financial and human were optimally utilised to ensure the best returns were achieved.”
Describing the Bank’s achievements in 2010 Collier said they were “Exceptional.” He disclosed that they “have already set greater targets for 2011.”
The Deputy Managing Director maintained that “Business is good” in the banking industry. His forecast for this year he said is “upward looking” adding that we are likely to see bigger profits recorded for this year.
Mr Collier says this means that the country’s economy is “growing, although a faster pace would be desired.” He attributes the growth in the economy to “Foreign inward investments and developments in the agriculture, mining, tourism and other sectors in line with the open Government initiative.”