Sierra Leone: How our Banks performed Standard Chartered tops 2012 profits list

Business

Standard Chartered Bank has made the biggest Profits Before Tax (PBT) for 2012 topping the other 12 commercial banks operating in the country. The Lightfoot Boston street headquartered Commercial bank chalked up a massive profit of 19 billion Leones (Le19,296,868,000) topping its nearest rival the Sierra Leone Commercial bank by 635 million Leones (Le635,712,000). The top three commercial banks, ranked according to their PBT (Standard Chartered Bank (SCB), Sierra Leone Commercial Bank (SLCB) and Guaranty Trust Bank (GTBank) all recorded double figure PBT in billions, while the 10 other Commercial Banks posted single figure billions of Leones. SCB topped with Le19.2 billion followed by Sierra Leone Commercial Bank with Le18.6 billion and GTBank with Le15.6 billion profit before tax. The other two banks to make the top five best performing according to their PBT are Rokel Commercial Bank (Le9.8 billion) and Ecobank (Le8.7 billion) It should be noted that four of three of the top five banks are foreign owned ( Standard Chartered, GTBank and Ecobank) while two of the three fully Sierra Leonean owned banks S.L Commercial Bank (2nd) and Rokel Commercial Bank (4th) also made the top five list. The least performer in terms of PBT as published in their 2012 audited accounts is Zenith Bank, which made the least profit of 227.8 million Leones (Le227,824,000) of all the 13 operating commercial banks in the country. Bank PHB continues its troubled journey with a loss of 451.4 million Leones (Le451,469,000). They remain the only commercial bank not to have recorded a positive Profit Before Tax.

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