Sidian Bank has recorded an increase in its consolidated net profit to Ksh117 million for the period ended March 31, 2022, compared to a net profit of Ksh114 million as of March 31, 2021.
The bank’s improved performance has been attributed to increased lending, improved customer-centricity, efficiency and turn-around time.
The increased profitability is attributed to increased interest income and lending fees from the loan book growth in the period.
The bank’s profitability was also enhanced by higher non-funded income driven by Trade Finance which continues to be the flagship product of the bank, FX income as well as bancassurance income from higher transaction volumes.
The bank’s balance sheet grew by four percent to Ksh43.2 billion in the period under review compared to Ksh41.4 billion as of December 31, 2021. Net loans and advances increased by three percent attributed to continued lending in the period.
Customer deposits grew by four percent in the period attributed to continued deposit mobilization as well as increased transactional business from the bank’s customers.
The bank has been on a steady growth trajectory attracting the interest of DFIs and international partners keen on the growth of the Micro and SME sector. Recently, it received Ksh1.1 billion (USD 10 million) from EMF Microfinance Fund (EMF) which will facilitate on-lending to Micro and SME enterprises as well as boost the bank’s regulatory capital.
“I am delighted with the continued steady growth that the bank has been having. This is a testament to our promise of providing superior, tailor-made financial solutions to our customers. We continue to invest in innovative solutions that make our customers’ banking easier through digital innovations. I am grateful to our customers for continuing to choose Sidian Bank as their trusted financial partner and to our dedicated staff for their tireless contribution to our success,” Sidian Bank CEO Chege Thumbi said.