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Rokel Commercial Bank (RCBank) has posted a substantial increase in the bank’s share capital, which rose by 200 percent from Le91.4 billion to Le274.4 billion (old Leones).
This growth was supported by a profit before tax of Le192.8 billion and a profit after tax of Le143.9 billion, indicating improved profitability and balance sheet strength, according to its 2024 financial statements released by the Bank of Sierra Leone.
In 2024, the Bank of Sierra Leone introduced a revised minimum capital requirement of Le274,455,866 billion (old Leones) for commercial banks, to be met by the end of 2027. RCBank became the first commercial bank to meet this new threshold in the same year the policy was announced, placing it ahead of the regulatory timeline.
The bank has also signaled intentions to expand beyond Sierra Leone. In November 2024, a delegation led by Managing Director Dr. Walton Ekundayo Gilpin visited Liberia to assess the feasibility of establishing operations there. During the visit, the team held engagements with senior Liberian officials, including the Governor of the Central Bank of Liberia and the Minister of Finance, while reviewing market conditions and potential strategic partnerships.
According to the bank, the Liberia engagement forms part of a broader long-term strategy aimed at expanding RCBank’s footprint within the ECOWAS sub-region.
Management believes that regional expansion could contribute to asset growth, diversify revenue streams, and strengthen Sierra Leone’s presence in the West African financial sector.
As RCBank prepares to hold its Fifty-Second Annual General Meeting on Tuesday, January 20, the 2024 results point to a year of consolidation and forward planning.
With strengthened capital, early compliance with regulatory requirements, and exploratory steps toward regional expansion, the bank enters the next phase of its operations with a reinforced financial position.
