SBM Bank Kenya has posted a Sh283.4 million profit after tax for the nine months to September, a turnaround from a Sh1.3 billion loss a year earlier, driven by a surge in operating income and lower expenses.
The lender, a subsidiary of Mauritius-based SBM Group, said on Tuesday the performance represents a sustained recovery under a transformation strategy led by Chief Executive Officer Bhartesh Shah, who took over in May 2024.
The bank’s rebound was supported by a significant improvement in its funded and non-funded income.
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Operating income rose 65 per cent to Sh4.3 billion, up from Sh2.60 billion in the same period last year.
At the same time, the bank recorded lower costs in the period, with total operating expenses declining by 3.5 per cent year-on-year to Sh3.89 billion, underlining what the lender termed enhanced operational efficiency.
“Our performance this quarter reflects the disciplined execution of our turnaround strategy and the power of customer-led innovation,” Shah said in a statement.
The bank’s total assets grew to Sh104.0 billion from Sh97.5 billion, while customer deposits rose 20 per cent to Sh75.2 billion.
Shah said the improved performance was supported by “strategic initiatives focused on digital banking and partnerships.”
“Through smarter digital platforms, relevant products, and strong partnerships, we are delivering a bold, secure, and modern banking experience,” he said. “We remain committed to driving inclusive financial growth and becoming Kenya’s preferred payments and savings bank.”
He said during the period the bank enhanced its “Mfukoni” mobile app and strengthened its cybersecurity framework. It also expanded its partnership with Mastercard to boost card issuance and payment capabilities.
On the products front, the bank cited positive customer response to its high-yield Platinum Saver Account and growth in its fractional Eurobond offerings.
SBM Bank Kenya is a unit of SBM Group Holdings, which is listed on the Stock Exchange of Mauritius and operates in several markets, including India and Madagascar.
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SBM Bank Kenya has posted a Sh283.4 million profit after tax for the nine months to September, a turnaround from a Sh1.3 billion loss a year earlier, driven by a surge in operating income and lower expenses.
The lender, a subsidiary of Mauritius-based SBM Group, said on Tuesday the performance represents a sustained recovery under a transformation strategy led by Chief Executive Officer Bhartesh Shah, who took over in May 2024.
The bank’s rebound was supported by
a significant improvement
in its funded and non-funded income.
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channel
on WhatsApp
Operating income rose 65 per cent to Sh4.3 billion, up from Sh2.60 billion in the same period last year.
At the same time, the bank recorded lower costs in the period, with total operating expenses declining by 3.5 per cent year-on-year to Sh3.89 billion, underlining what the lender termed enhanced operational efficiency.
“Our performance this quarter reflects the disciplined execution of our turnaround strategy and the power of customer-led innovation,” Shah said in a statement.
The bank’s total assets grew to Sh104.0 billion from Sh97.5 billion, while customer deposits rose 20 per cent to Sh75.2 billion.
Shah said
the improved performance
was supported by “strategic initiatives focused on digital banking and partnerships.”
“Through smarter digital platforms, relevant products, and strong partnerships, we are delivering a bold, secure, and modern banking experience,” he said. “We remain committed to driving inclusive financial growth and becoming Kenya’s preferred payments and savings bank.”
He said during the period the bank enhanced its “Mfukoni” mobile app and strengthened its cybersecurity framework. It also expanded its partnership with Mastercard to boost card issuance and payment capabilities.
On the products front, the bank cited positive customer response to its high-yield Platinum Saver Account and growth in its fractional Eurobond offerings.
SBM Bank Kenya is a unit of SBM Group Holdings, which is listed on the Stock Exchange of Mauritius and operates in several markets, including India and Madagascar.
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By Brian Ngugi