Sidian bank has posted a KSh 392 million loss in 2018, an improvement from the KSh422 million loss posted in 2017. The loss resulted from higher operating expenses which shot up by 13 per cent to reach KSh3.7 billion. Net operating income grew by 24 per cent to land at KSh2.1 billion from KSh1.7 billion booked the previous year.
The bank is a subsidiary of Centum Holdings and is primarily focused on lending to small and medium-sized enterprises.
Income from loans and advances to customers fell by 3 per cent attributed to the cap on lending rates. The lender’s investment in government paper increased by at least 75 percent.
Customer deposits, on the other hand, grew by 33% from KSh 12.8 billion to KSh17 billion. Similarly, its loans and advances jumped up 15 per cent to KSh 13 billion.
The tier-3 lender recently received KSh1.2 billion funding from a Danish company- IFU. The money is meant to boost Sidian’s core capital and avail funds for lending to small businesses in Kenya. The bank aims to progress to
