Sierra Leone Commercial Bank Presents Le5 Billion Dividend
By Marian Samu

The Sierra Leone Commercial Bank has presented a Le.5 Billion cheque to President Ahmad Tejan Kabbah as divided for year ending 2005.

Presenting the cheque to President Kabbah the Acting Chairman of the Board of Directors, Alhaji Gibril said the results of the banks operation in 2005 had been very encouraging and they continues to enjoy the confidence of the general public including major international institutions and organizations. He proudly stated that they remain the market's leaders in terms of the size of their assets and especially in the area of deposit mobilization.

Gains for 2005 included a 38% growth in their balance sheet, a 30% increase in deposits, and a 38% increase in loans. There was also an increase in the bank's profit before tax from Le11.4 billion in 2004 to Le12.01 billion in 2005. He said that the bank now operates eight branches country-wide and hopes to reopen the Njala branch which was closed in 1995 due to the war. He also stated that they hope to open a new branch in Mobimbi to serve the Sierra Rutile, Bauxite mines and the community, while the new bank building in Kenema is almost completed.

Alhaji Gibril reported that as part of their corporate social responsibility they provide assistance in the area of education, health, sports and other social causes, a number of deserving institutions and organization have benefited from them.

While thanking President Kabbah for according them the opportunity to present to him the dividend, the Managing Director Alhaji Dr. Abdulai Kakay said the 2005 dividend is the highest in the history of the bank. This strong performance of the bank, he said, is as a result of the support and encouragement received from President Kabbah and his government by creating a stable and an enabling environment as well as the series of economic reforms and structural adjustments effected so far.

He praised government for the positive political outlook and security stability, and the numerous efforts government has undertaken to modernize structures of government and society including among others the Justice Sector Development programme, Law Reform, rehabilitation of regional health centers and the proposed establishment of a viable capital market, the Freetown Stock Exchange.

President Kabbah thanked them for the positive strides they have achieved, but however advised them to empower the people giving out loans especially to businesswomen whom he said are entrepreneurs that need to be helped. He advised that the bank can safeguard its funds by asking for collateral.

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