Rokel Commercial Bank (RCB) has declared a profit of Le66 billion for 2018 during their Annual General Meeting last week. The 2018 Annual Report and Audited Financial statements show the bank’s profit after tax-represents a 30% increase from its 2017 Le52 billion profit (after-tax). Between 2014 and 2016, the Bank’s profit margins were considerably smaller. In 2014, it netted Le25 billion but there was a downward spiral in 2015 and 2016 when the bank was only able to make a little over Le1 billion in profits. Things changed following the appointment of a new Managing Director, Dayo Gilpin and a supportive Board of Directors. The Bank, for the first time in over fifteen years, is gearing up to pay a dividend to the government of Sierra Leone which owns around 55% shares in the bank.
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According to the AGM report, customer deposits increased from Le770 billion in 2017 and 873 billion in 2018. The increase in profit has also come on the back of a massive expansion drive by the bank as seen in the establishment and revival of branches or mobile outlets across the country.
AT/10/8/19
Tuesday August 13, 2019.
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