Sidian Bank Swings Back to Profit; HY Net at KSh275m 

Sidian Bank on Tuesday reported a consolidated net profit of KSh 275 million in the six months to June mainly due to a rise in interest and non-interest income.

From left Dominic Thotho- Senior Manager Trade Finance, Beatrice Kamiri- Head of Corporate & Trade Finance,Douglas Mwangi Director Finance & Strategy, Timothy Gitonga Chief Commercial Officer.

Sidian Bank on Tuesday reported a consolidated net profit of KSh 275 million in the six months to June mainly due to a rise in interest and non-interest income.

The lender had posted a net loss of KSh85.8 million in the corresponding half of last fiscal.

During the period, its total interest income grew 52.38 per cent to hit KSh1.6 billion. Its loan book expanded 32.1 per cent to KSh21.5 billion.

Total non-interest income grew 18.9 per cent to KSh773.8 million.

On the other hand, its operating expenses reduced by3.6 per cent to KSh1.1 billion.

“Looking back, I am very encouraged with the progress that the bank has made so far,” said Sidian Bank chief executive Chege Thumbi in a statement on Tuesday. 

The lender which is 72.93 per cent owned by Centum Investments saw its asset quality improve with gross non-performing loans (NPLs) dropping to Ksh 2.5 billion from Ksh 3.1 billion last year.