Sidian Bank delivered the strongest financial result in 2025, with net profit surging 502 percent to Sh1.73 billion from Sh287 million a year earlier, a sixfold jump driven by a wholesale transformation of its deposit base and a sharp pivot toward government securities.
FY2025 Key Financial Results
| FY 2024 | FY 2025 | Change | ||
| INCOME | ||||
| Net interest income | Sh2.87B | Sh4.43B | +54.6% | |
| Non-interest income | Sh1.73B | Sh3.80B | +119.7% | |
| — Other income | Sh189M | Sh2.09B | +1,007% | |
| — Fees & commissions | Sh805M | Sh1.09B | +35.4% | |
| — FX trading income | Sh322M | Sh192M | -40.3% | |
| Interest income — govt. paper | Sh2.10B | Sh4.51B | +115.0% | |
| Total operating income | Sh4.60B | Sh8.24B | +79.2% | |
| EXPENSES & PROFIT | ||||
| Operating expenses | Sh4.14B | Sh6.03B | -45.7% | |
| — Loan-loss provisions | Sh1.30B | Sh2.44B | -87.5% | |
| — Staff costs | Sh1.36B | Sh1.72B | -26.9% | |
| Net profit after tax | Sh287M | Sh1.73B | +502% | |
| Cost-to-income ratio | 89.9% | 73.2% | -16.7pp | |
| BALANCE SHEET | ||||
| Customer deposits | Sh44.4B | Sh72.3B | +62.9% | |
| Net loans & advances | Sh24.8B | Sh27.5B | +10.8% | |
| Government securities | Sh23.7B | Sh49.1B | +107.0% | |
| Total assets | Sh60.2B | Sh90.8B | +50.8% | |
| Shareholders’ funds | Sh6.89B | Sh9.72B | +41.1% | |
| ASSET QUALITY | ||||
| Gross non-performing loans | Sh7.71B | Sh8.23B | -6.8% | |
| Loan-loss coverage ratio | 34.4% | 37.7% | +3.3pp | |
Table 1: Sidian Bank income statement, expense, and balance sheet highlights for FY2024 and FY2025.
Income: Government Securities Overtake Loans as the Top Earner
Net interest income climbed 54.6 percent to Sh4.43 billion, while non-interest income more than doubled to Sh3.80 billion. The most striking contributor was a line item labelled “other income,” which leapt from Sh189 million to Sh2.09 billion. Other fees and commissions rose 35.4 percent to Sh1.09 billion, partially offset by a 40 percent decline in foreign exchange trading income to Sh192 million.
The bank channelled the bulk of its new deposit inflows into Treasury bills and bonds rather than loans. Interest income from government paper jumped 115 percent to Sh4.51 billion, overtaking loans as the single largest income line for the first time. The loan book grew a modest 10.7 percent to Sh27.5 billion.
Balance Sheet Composition: A Decade of Structural Shift
| Asset class | ~2015 (approx.) | FY 2025 | Direction of travel |
| Loans & advances | ~54% | 30.3% | ↓ Sharply lower share of assets |
| Government securities | ~12% | 54.0% | ↑ Now the dominant asset class |
| Other assets | ~34% | 15.7% | ↓ Compressed as balance sheet grew |
Table 2: Asset mix as a share of total assets, approximately 2015 versus FY2025.
The cost-to-income ratio improved to 73.2 percent from 89.9 percent, the best in the bank’s history, though operating expenses still rose 45.7 percent to Sh6.03 billion, pressured by an 87.5 percent rise in loan-loss provisions and a 26.9 percent increase in staff costs.
Gross non-performing loans edged up 6.8 percent to Sh8.23 billion, a deceleration from the previous year’s 71.9 percent surge — though the NPL stock has grown tenfold since 2014. The Central Bank of Kenya reclassified Sidian from Tier 3 to Tier 2 in September 2025, the first time the bank crossed the 1 percent market-share threshold.
Customer deposits expanded 63 percent to Sh72.3 billion, nearly tripling from Sh27.62 billion at end-2023. The surge traces directly to a series of public sector banking mandates, many of them first-time relationships for the bank.
The profit turnaround coincides with a wholesale change of shareholders. Centum Investment Company, which controlled 83.4 percent of Sidian through Bakki Holdco as recently as 2022, completed its full exit in March 2026 following a 25-year involvement dating to the bank’s K-Rep era. A planned Sh4.3 billion sale to Nigeria’s Access Bank collapsed in January 2023, forcing Centum into a staged divestiture.
