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RCBank Scoops 192. 8 Billion Profit, Records Le275.4 Billion Share Capital


The Bank of Sierra Leone had released the 2024 Financial statements of Rokel Commercial Bank and the figures show an unprecedented growth amidst growing competition and external shocks in financial markets

The biggest achievement for the bank is the massive leap from Le91.4 Billion (old Leones) to Le274.4 Billion (old Leones) indicating a 200% increase in share capital. This massive increase has come on the back of a Le192.8 Billion profit before tax and a Le143.9 Billion (old Leones) Profit after tax.

Whilst loans and advances grew by 33%, customer deposits grew by a significant 13% (Le3.3 Billion) from 2.9 Billion in 2023. Whilst shareholder equity also increased by 33% (951.5 Billion), loans and advances amounted to Le702.2 Billion.



As the Bank gears up to its Fifty-Second Annual General Meeting on Tuesday 20th January, it is clear that the steady nature that has characterized its growth trajectory over the last couple of years has been premised on focused leadership. It could be recalled that in 2024 when the bank of Sierra Leone set a minimum capital requirement of Le274, 455, 866 Billion for all commercial banks by the end of 2027, the Rokel Commercial Bank was the first to meet that threshold the same year (2024).

In more recent times, the bank had set it eyes on subregional expansion. A high-powered delegation led by the Managing Director, Dr Walton Ekundayo Gilpin departed Sierra Leone for sister Republic of Liberia in November last year. Their mission; to research and evaluate opportunities for establishing a banking presence in Liberia.

The team analyzed market data, met with key Liberian officials (including the Governor of the Central Bank and Minister of Finance), and engaged potential partners. Part of RCBank’s long-term vision for regional expansion and to position Sierra Leone as a key financial player in ECOWAS.

That move signifies RCBank’s ambition to export its innovative banking services beyond Sierra Leone.It aligns with Sierra Leone’s national vision for local institutions to expand across West Africa. Ideally, a successful entry would boost RCBank’s assets and profits, and enhance Sierra Leone’s regional financial standing.



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Rokel Bank Scoops NLe 191.6 Million Profit


The Bank of Sierra Leone has approved the Rokel Commercial Bank Statements of Account – revealing a staggering NLE191, 627, 038 (One Hundred and Ninety-One Million, Six Hundred and Twenty Thousand and Thirty-Eight Cents) for the 2023 Financial Year.

Profit after tax is Nle142,802,319, eclipsing the NLe69,48,024 the previous year.

This significant achievement represents a 104% increase from the NLe94 Million recorded in 2022. Consequently, customer deposits rose to NLe2.9Billion indicating a 25% increase from NLe 2.35Billion recorded in 2022.



The growth in deposits has triggered a significant growth in the bank’s balance sheet from NLe3.2Billion in 2022 to NLe3.8Billion in 2023 representing a 18.75% increase respectively. Total earnings per share also grew from NLe0.76 per share (2022) to NLe1.56 per share (2023).

In September this year, the RCBank Celebrated its 25th Anniversary after a smooth transition from Barclays Bank Plc in 1999 which had operated the bank for nearly a century.

The celebrations were marked by several indoor and outdoor activities including Christian and Muslim thanksgiving services and a special event to recognizing staff who have had 15 to 35 years of unbroken record of service.

In each of these events, the Managing Director, Dr Walton Ekundayo Gilpin re-echoed a renewed sense of hope and commitment in expanding and making Rokel Commercial Bank a dominant force in the subregional finance industry.



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Rokel Bank Scoops NLe 191.6 Million Profit


The Bank of Sierra Leone has approved the Rokel Commercial Bank Statements of Account – revealing a staggering NLE191, 627, 038 (One Hundred and Ninety-One Million, Six Hundred and Twenty Thousand and Thirty-Eight Cents) for the 2023 Financial Year.

Profit after tax is Nle142,802,319, eclipsing the NLe69,48,024 the previous year.

This significant achievement represents a 104% increase from the NLe94 Million recorded in 2022. Consequently, customer deposits rose to NLe2.9Billion indicating a 25% increase from NLe 2.35Billion recorded in 2022.



The growth in deposits has triggered a significant growth in the bank’s balance sheet from NLe3.2Billion in 2022 to NLe3.8Billion in 2023 representing a 18.75% increase respectively. Total earnings per share also grew from NLe0.76 per share (2022) to NLe1.56 per share (2023).

In September this year, the RCBank Celebrated its 25th Anniversary after a smooth transition from Barclays Bank Plc in 1999 which had operated the bank for nearly a century.

The celebrations were marked by several indoor and outdoor activities including Christian and Muslim thanksgiving services and a special event to recognizing staff who have had 15 to 35 years of unbroken record of service.

In each of these events, the Managing Director, Dr Walton Ekundayo Gilpin re-echoed a renewed sense of hope and commitment in expanding and making Rokel Commercial Bank a dominant force in the subregional finance industry.



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RC Bank Hits Le94 Billion Profit Amid Unprecedented Expansion And Digitization


The Bank of Sierra Leone has approved the 2022 financial statements and balance sheet of the Rokel Commercial Bank, showing a staggering profit (before tax) of Le94BN (Ninety-four Billion Old Leones), representing a 5.96% increase from Le88BN. (Eight-Eight Billion Old Leones) profit in 2021.

Customer deposits also grew from Le1.7 Trillion (old Leones) in 2021 to Le2.4 Trillion (Old Leones) in 2022. While its 2023 balance sheet is yet to be reported, sources say RCbank is set to announce a record-breaking profit of aroud Le200 BN (Two Hundred Billion old Leones) this year. The bank has again pulled this through in the midst of a harsh global economic environment invariably affecting the local economy.

Clearly, the Rokel Commercial Bank is unrelenting in its pursuit to become the biggest and most digitalized financial institution in Sierra Leone and the entire sub region.



Currently, the bank boasts of the highest number of branches and cash points across the country triggering an exponential increase in customer base.  In September, this year RCbank launched a number of Electronic Banking (E-Banking) products and services, prominent among are Pre-Paid Cards, Visa Cards and cardless Automated Teller Machines (ATMS).

While plans are afoot to extend these user friendly and highly securitized banking cards to other institutions, the bank is completing the installation of 20 additional ATMs to its current stock of 15 at branches and outlets nationwide – leaving the Rokel Commercial Bank with largest spread of ATMS ever in the history of the Sierra Leone banking industry.



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