SBM Bank posts Sh202m half-year profit on higher customer deposits
Business
By
Clare Ochieng
| Jul 25, 2025
SBM Bank Kenya has reported a profit after tax of Sh202 million over the first six months of this year, marking an improvement from a loss of Sh943.1 million over a similar period last year.
The bank said that among the factors that drove the turnaround were an expanded customer base, which grew as the bank sought to grow its presence in Kenya, as well as deepen relations with existing clientele.
Customer deposit balances surged by 37 per cent to Sh76.2 billion while operating income rose by 65 per cent year on year, reaching Sh2.8 billion from Sh1.7 billion in 2024. The bank's total assets grew to Sh105.7 billion in the six months to June, up from Sh92.6 billion over a similar half last year.
"Our performance affirms the strategic bets we've made-investing in intelligent digital platforms, launching innovative products, and forging partnerships that deliver more value to our customers. We are committed to becoming Kenya's preferred payments bank by building for scale, speed, and trust. This is just the beginning of a bold new chapter for SBM," said SBM Bank Kenya Chief Executive Bhartesh Shah.
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Mr Shah took over leadership at the bank in May last year to steer the bank's ongoing transformation. Among the bank's strategies to grow market share is positioning itself as a digital-first and customer-centric institution.
The Mauritius headquartered bank is also diversifying its offering in Kenya and had earlier on Wednesday launched an insurance arm, SBM Bancassurance Intermediary. Shah said the intermediary would offer insurance products bundled with banking products as the lender eyes Kenya's insurance sector, whose penetration remains low.
"SMB bancassurance aims at transforming how Kenyans view and access insurance. We identified an urgent need to demystify insurance products and eliminate tedious procedures," he said.
"This launch is part of our broader strategy to create holistic, integrated financial solutions that are accessible and relevant to our customers' evolving needs."