Freetown, Sierra Leone — Sky Bank (SL) Limited has reported a substantial 207% increase in profit before tax for the 2023 financial year, rising from SLe18.7 million in 2022 to SLe57.4 million. The impressive growth in profit, revenue, and assets underscores a strong year for Sky Bank, presented at the bank’s Annual General Meeting.
Revenue from commissions and fees surged by 188%, reaching SLe47.4 million, driven by rising transaction volumes and customer confidence. Total assets also saw an 88% increase, with investments in government securities doubling to SLe240.7 million. The bank recorded notable gains in customer deposits, which hit an all-time high of SLe747.6 million, up 80% from 2022.
As part of its expansion strategy, Sky Bank recently inaugurated a new branch in Makeni and has plans to open another in Waterloo by December 2024. This growth aligns with its investment in technology infrastructure, including the launch of new e-banking services like mobile banking apps and Mastercard debit cards to support the Bank of Sierra Leone’s cashless initiative.
Significantly, Sky Bank unveiled a new brand identity, changing its name from Skye Bank (SL) Ltd to Sky Bank Sierra Leone Ltd, reflecting its parent company, Sky Capital & Financial Allied International Ltd. Managing Director Fasasi Adeniye emphasized the rebrand as a “testament to our values and vision for the future.”