The 2024 financial statements of Rokel Commercial Bank, published by the Bank of Sierra Leone, point to a year of exceptional performance for the institution, achieved despite heightened competition and continued pressures within the financial markets.
A standout feature of the report is the bank’s dramatic strengthening of its capital base. Share capital rose sharply from Le91.4 billion (old Leones) to Le274.4 billion (old Leones), marking a 200 percent increase. That expansion was underpinned by robust profitability, with profit before tax reaching Le192.8 billion and profit after tax closing at Le143.9 billion (old Leones).
Key balance sheet indicators also reflected solid growth during the year. Loans and advances expanded by 33 percent, demonstrating increased credit support to customers and the wider economy. Customer deposits grew by 13 percent, increasing by Le3.3 billion from Le2.9 billion in 2023, a development widely seen as evidence of sustained customer trust. Shareholders’ equity recorded a corresponding 33 percent rise to Le951.5 billion, while total loans and advances stood at Le702.2 billion by year-end.
As preparations intensify for the bank’s Fifty-Second Annual General Meeting scheduled for Tuesday, 20 January, the results reinforce a pattern of steady progress that has defined Rokel Commercial Bank’s recent performance. Observers within the sector attribute this momentum to disciplined management and strategic leadership. Notably, when the Bank of Sierra Leone introduced a minimum capital requirement of Le274.455 billion for all commercial banks to be attained by the end of 2027, Rokel Commercial Bank became the first to satisfy the requirement in 2024.
Looking beyond national borders, the bank has also begun laying the groundwork for sub-regional expansion. In November 2025, a senior management delegation led by Managing Director, Dr Walton Ekundayo Gilpin, undertook an official visit to the Republic of Liberia to assess the feasibility of establishing a banking presence there.
The delegation reviewed market conditions, held consultations with senior Liberian authorities, including officials of the central bank and the Ministry of Finance and explored possible partnerships. The initiative forms part of the bank’s long-term strategy to extend its operations beyond Sierra Leone and to contribute to positioning the country as a competitive financial player within the ECOWAS sub-region. Industry analysts note that successful expansion into Liberia would not only enhance Rokel Commercial Bank’s asset base and earnings potential, but would also strengthen Sierra Leone’s standing within the regional financial system. Taken together, the 2024 results and the bank’s regional ambitions underline Rokel Commercial Bank’s growing resilience and its determination to evolve into a leading West African banking institution.
