Sidian Bank has posted a consolidated net profit after tax of Ksh8 million for the third-quarter 2020, an improvement from a net loss of Ksh85 million in the second quarter.
The profitability was driven by the increased loan book, which grew 29% to Ksh18.4 billion from Ksh14.3 billion in the prior period, thus growing interest income on loans and lending fees.
The lender closed its trade finance business at Ksh11.9 billion as at 30 September 30, 2020.
Customer deposits grew by 24% to Ksh21.6 billion from Ksh17.5 billion in the previous period, attributed to continued customer deposits mobilization and increased transactions.
The balance sheet grew by 38% to Ksh33.6 billion from Ksh24.2 billion in the prior period.
Trade finance continues to be a key pillar for the bank. To enhance customer convenience, Sidian Bank recently launched an innovative product, Sidian Credible, which allows its customers as well as non-customers to apply for bid bonds online in less than 10 minutes.
The bank was recently awarded the ‘Best Bank in Digital Banking‘ in the 2020 Think Business Banking Awards.
“Our innovative solutions extend to a robust digital banking platform that includes internet banking for both personal and corporate customers, mobile banking and debit and credit cards, channels that have offered our customers cashless and convenient banking during the COVID- 19 pandemic period,” the lender said in a statement.
The bank has fostered long-term partnerships with East African Development Bank (EADB) through continued lending to the agricultural sector; the Dutch Entrepreneurial Development Bank (FMO) through continued provision of affordable credit to SME clients and privately-owned business enterprises; and Aqua for all-through financing of COVID-19 WASH loans to entrepreneurs in the Water, Sanitation & Health sector.
In support of businesses that have been affected by the COVID- 19 pandemic, Sidian Bank continues to offer loan restructures, moratoriums and other concessions to customers.
Additionally, the bank facilitates educational webinars on financial advisory and tailor-made solutions that support the continued operation of customers’ businesses during the COVID-19 pandemic period and beyond.