Sidian posts Sh8 million profit in third quarter

Sidian Bank CEO Chege Thumbi and Douglas Mwangi, Director Finance and Strategy at a previous event (PHOTO: Courtesy) 

 

 

 

Sidian Bank has posted Sh8 million net profit in its third-quarter financial year results.

The lender profit is driven by the increased loan book which grew by 29 per cent to Sh18.4 billion from Sh14.3billion in the prior period growing the interest income on loans and lending fees.

Customer deposits grew by 24 per cent to Sh21.6 billion from Sh17.5billion in the prior period attributed to continued customer deposits mobilisation and increased customer transactions.

The balance sheet grew by 38 per cent to Sh33.6 billion from Sh24.2billion in the prior period. It continues to be a key pillar for the Bank through innovative solutions with flexible terms and quick turnaround time.

The lender is banking on the recently launched Sidian Credible that allows its customers as well as non-customers to apply for bid bonds on any device from the comfort of their offices and/or homes in less than 10 minutes to improve business going forward.

“Our innovative solutions extend to a robust digital banking platform that includes internet banking for both personal and corporate customers, mobile banking and debit and credit cards, channels that have offered our customers cashless and convenient banking during the COVID-19 pandemic period.”

Backed by its International Partners, the bank says it will also continue focusing on Small and Medium Enterprises.
Covid-19 pandemic has put a strain on local lenders going by the quarter three results being released.

Last week, KCB Group, Equity Group, National Bank of Kenya (NBK) reported a decline in net profit. KCB’s profit after tax has fallen 43 per cent from Sh19 billion in September last year.  

Equity’s profit dropped by 14 per cent to Sh14.8 billion in the period under review.