Sidian Bank Q3 Profit Surge to Ksh 369 Mn as Lending Booms

Sidian Bank, a mid-tier bank focusing on SMEs has recorded a profit before tax of Ksh72 million for the year ended December 31, 2020.

Sidian Bank rode a recovery in pandemic-hit Kenyan markets to post a stronger-than-expected consolidated net profit of KSh369 million for the year ended September 30, 2021, compared to a profit of KSh8 million in a similar period last year.

The bank said this was due to increased lending to support economic recovery especially for business owners given the challenges they have faced since 2020 from the onset of the Covid-19 pandemic.

“We exist because of our customers and we are grateful that they continue to choose Sidian Bank as their trusted financial partner,” Chege Thumbi Sidian Bank’s CEO said in a statement.

The bank’s loan book grew by 17 per cent from continued lending during the period increasing the interest income on loans and advances as well as lending fees.

Asset quality continued to improve with the non-performing loans ratio at 10.8 per cent in September 2021 compared to 12.2 per cent in September 2020.