By Amin Kef (Ranger)
Commerce and Mortgage Bank (SL) Plc is making significant strides under the leadership of its Managing Director, Alex Vincent Studa, focusing on enhancing banking excellence while navigating global challenges. The Bank’s commitment to resilience and innovation is reflected in its impressive financial performance and key achievements over recent years.
The Bank has also demonstrated remarkable growth in total assets, increasing from NLE 449.317 million in 2021 to NLE 583.599 million in 2023. Projections suggested that figure could reach NLE 670.832 million by 2024, marking a projected growth rate of 14.89% year-over-year.
Deposits have also surged significantly, climbing from NLE 231.156 million in 2021 to a projected NLE 411.257 million in 2024, representing an expected growth of 17.92%.
Profitability metrics remain encouraging, with profits after tax rising from NLE 180 million in 2021 to an anticipated NLE 273.675 million in 2024. This consistent growth trend of 6.67% underscores the Bank’s robust financial health.
The Bank’s customer base has expanded dramatically, with the number of accounts opened increasing from 7,236 in 2021 to 11,099 in 2023, reflecting a growth of 39.93%.
On the regulatory front, the Bank has consistently exceeded compliance standards. Its capital adequacy ratio stands at 16.81%, surpassing the regulatory requirement of 15%. Additionally, the Bank remains compliant with cash reserve and liquidity ratios, further strengthening its position.
Commerce and Mortgage Bank (SL) Plc’s commitment to employee growth is evident in its promotion practices. While no promotions occurred in 2022, the Bank promoted 12 staff members in 2023 and an additional 11 in 2024, fostering a culture of excellence and professional development.
Recovery efforts have been a cornerstone of the Bank’s operational focus. In 2021, the Bank achieved a 98.3% recovery rate against a budgeted NLE 36 million. Despite challenges in 2022, the bank rebounded in 2023 with a recovery performance of 72.73% against a budgeted NLE 55 million. For 2024, the bank set an ambitious recovery target of NLE 80 million and has already exceeded expectations with a performance rate of 118.6%.
Financial and Operational Metrics
- Total Assets:
- 2021: NLE 449.317 million
- 2022: NLE 522.443 million
- 2023: NLE 583.599 million
- 2024: Projected at NLE 670.832 million
- Deposits:
- 2021: NLE 231.156 million
- 2022: NLE 304.773 million
- 2023: NLE 349.100 million
- 2024: Projected at NLE 411.257 million
- Profit After Tax:
- 2021: NLE 180.000 million
- 2022: NLE 212.180 million
- 2023: NLE 228.000 million
- 2024: Projected at NLE 273.675 million
Compliance Metrics
- Capital Adequacy Ratio: 16.81% (Regulatory requirement: >15%)
- Cash Reserve Ratio: Compliant
- Aggregate Risk Exposure: Compliant
- Single Obligor Limit: 20.07% (Regulatory requirement: <25%)
- Overall Liquidity Ratio: Compliant
Commerce and Mortgage Bank (SL) Plc continues to set a benchmark in the Sierra Leonean banking sector through its innovative approaches and commitment to excellence. With a strong financial foundation, robust recovery strategies and a focus on both customer satisfaction and employee recognition, the Bank is well-positioned for sustained growth in the coming years. Under the stewardship of Alex Vincent Studa, the bank is not only overcoming global challenges but also solidifying its role as a leader in the financial services industry in Sierra Leone.
