Rokel Commercial Bank has recorded the highest profit for 2009 than any other the bank so far according to their financial statements disclosed to shareholders yesterday at their Annual General Meeting held at the Bank Complex in Kingtom Freetown.
The Bank’s profit before tax increased by 238% from Le 4.05bn in 2008 to Le13.69bn in 2009 reflecting the highest in the Banking industry across the country considering the recorded financial statements of other commercial banks as published.
According to the bank’s financial statements it recorded Le 9.620, 035 billion profits for 2009 as profit of the year after taxation. The bank’s achievements came as a result of their commitment and determination to identify credible clients by providing attractive and affordable products that meets customer satisfaction.
Although profits raised significantly operating expenses showed only a modest increase of 9% from Le 26.3bn to Le 28.7 bn a desired out come of relentless efforts at curtailing costs.
The figures also revealed that Rokel Commercial Bank in the year 2009 paid a total sum of Le 14. 2bn to the Government of Sierra Leone by way of withholding tax, corporation tax and income tax (PAYE) and dividends.
The bank continues to be a major player in the market with strong performance in terms of growth and number of account holders and new businesses. The bank has also projected for the year 2010 at the same level as 2009.
The Annual General Meeting was chaired by the Chairman Board of Directors Birch Momodu Conte, who said Rokel Commercial Bank is celebrating its 10th anniversary after the change of name from Barclays Bank adding that a remarkable progress have been made with a mandate to improve on the performance and fortunes of the bank.
The Business Development Director and Company Secretary of the Rokel Commercial Bank Michael A Collier in an interview with our reporter said a new VISA project will be launched this year to enable card holders to access cash world wide through ATM’s and point of sale terminals thereby reducing the risk of holding huge amount of cash when traveling abroad. By Saidu Bah