SBM Bank Kenya has posted a Sh202.03 million net profit in the half year ended June 2025, marking a reversal of a net loss of Sh943.11 million in a similar period last year on increased income.
The lender’s net interest income grew by 92 percent to Sh1.83 billion from Sh958.55 million, while non-interest income rose to Sh976.79 million from Sh770.79 million.
The growth in income lifted the lender’s net earnings as it kept its operating expenses nearly unchanged, falling to Sh2.61 billion from Sh2.67 billion.
“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,” Bhartesh Shah, chief executive at SBM Bank Kenya, said in a statement.
The lender’s staff costs during the quarter were Sh1.16 billion compared with Sh1.14 billion in the prior half-year, while provision for bad debts hit Sh190.9 million from Sh123.35 million.
The latest profit offers a boost to a lender that spent the whole of last year in the red, closing with a net loss of Sh1.07 billion —the period its parent company SBM Holdings injected fresh capital worth Sh471 million.
The latest profit has cut the lender’s accumulated loss to Sh2.18 billion from Sh2.24 billion in December last year. SBM Bank is the first one to make public its financial results for the first half of the year, with others expected to do so before the end of August.
The lender has been shifting focus to the affluent and entrepreneurial segments through launch of new products and investing in digital platforms.
In addition, it has entered into several strategic collaborations with fintechs and ecosystem partners to enhance capabilities of its payment solutions.
On Wednesday, the lender launched its bancassurance subsidiary joining the growing list of lenders betting on partnership with insurers to diversify revenue streams.
The SBM Bancassurance Intermediary will allow the lender to partner with insurance companies to underwrite individuals and businesses.
SBM Holdings entered Kenya in May 2017 through the acquisition of Fidelity Commercial Bank for a token $1 (Sh129) consideration and renamed it SBM Bank Kenya, before making a $20 million (Sh2.59 billion) capital injection.
The Mauritian-headquartered lender in August 2018 also acquired certain assets and liabilities of the then under receivership Chase Bank Kenya for 162,158 Mauritian rupees (Sh465,000) and added them to SBM Bank Kenya. The group made a commitment to inject up to $60 million (Sh7.77 billion) to the Kenyan operation.
SBM Bank Kenya has about 30 branches, backed by ATM network, mobile and online banking and agency services through which it serves the retail, small and medium-sized enterprises and corporate customers.
