K-Rep bank announces 28% drop in profit, changes name to Sidian

K-Rep Managing Director Titus Karanja

K-Rep Bank has announced a 27.6 per cent drop in net profit to Sh372 million for the period ending December 31, 2015 ahead of its April 4 plan to change its name to Sidian Bank. The tier-4 lender had posted a Sh514 million profit in the previous financial year.

In the period under review, the bank's profitability was weighed down by increased non-performing loans in the second quarter. During an investors' briefing yesterday, the lender's Managing Director, Titus Karanja, said non-performing loans and advances registered a 107 per cent jump from Sh776 million to Sh1.6 billion.