The Managing Director/Chief Executive Officer of Zenith Bank (Sierra Leone) Limited, Chijioke W. Ejilemele, told the banks’ 15th Annual General (AGM) meeting held at the Radisson Blu Hotel on Tuesday May 30,2023 that the Bank remained strong and well-capitalized, with stronger growth in assets, investments and deposits despite the economic challenges in 2022.

The bank’s profit after tax (PAT) for the year ended December 31,2022 was NLe 68.85million as compared to NLe 49.2million for 2021, a growth of Le 19million and 40 percent year on year.

Customers’ deposit went up by 44.70 percent in 2022 with a total deposit of Le971.78million as compared to NLe671.74million in 2021, a positive difference of Le300million. Savings and Domiciliary deposits increased by 12 percent and 77 percent respectively. “This was the result of the selling skills and the excellent services provided by the staff and management of the bank. Our customers support and patronage made this happen,” says the MD/CEO and assured that the bank will continue with its strategy of aggressive deposit mobilization for the current financial year.

The significant growth in profitability, Mr.Ejilemele said was the result of growth in deposits, investments, loans and advances in the year and trading income, which increased net yields despite the tough operating environment while costs were reasonably managed.

He added that the bank’s performance in 2022 actually set the tone for greater performance in 2023, especially in the areas of retail business, digital banking, deposit mobilization, creation of quality risk assets, FX trading and higher profitability.

The MD/CEO registered his appreciation to the staff, management and board members for their immense support, dedication and unquantifiable works. “The management and staff of Zenith Bank PLC are also highly appreciated for their dependable support and contributions,” he said and continued that the government of Sierra Leone, Bank of Sierra Leone and their auditors – Baker Tilly (Sierra Leone) are strongly acknowledged for their enormous co-operation and support.

”Our customers’ massive patronage and loyalty are commendable. These profoundly motivate the staff to continue to serve them and provide excellent services at all times. We are deeply indebted to them and promise the true Zenith bank exceptional services while at the same time requesting for more patronage,” he concluded.

Mrs. Boi-Jenneh Jalloh, Chairman of the Board of Directors of Zenith Bank (Sierra Leone) Limited, revealed that even in a very challenging operating environment, the bank has continued to thrive; and recorded an outstanding performance and growth in 2022. “The probability that both the global and local economies will significantly improve and start witnessing the much expected growth of over 5% in the next few years is higher than the gloom of three years ago. This stems from the global activities that are steadily on-going by the various governments, institutions and the private sectors to get the world out of the economic downturn,” she said. She continued by assuring that the bank will be steadfast in adapting to the dynamics of the environment and economy in order to have a continuous and sustainable higher growth.

Felix Egbon, Non-Executive Director said Zenith Bank PLC is grateful to the board, management and staff for the successes scored so far and added that growing a business is not easy and advised that they should see the current challenges as opportunities. “Nobody must be left behind,” he said and pledged the group offices’ support as and when necessary.

Derrick Kawaley the Managing Partner of Baker Tilly SL, presented an independent Auditor’s report at the meeting. He noted that “we have nothing to report” since the reports are clear for all to see, and furthered by thanking the board and management for the opportunity given to his company to work with the bank.

Mrs. Mahawa Korjie who represented the Bank of Sierra Leone assured of her institution’s continued support to Zenith Bank (Sierra Leone) Ltd as and when required. “We have been providing a level playing field in the banking sector. Please feel free to knock on our doors for support,” she said.