Sidian Bank has recorded a 90% drop in Q3, 2020 net earnings to KSh 8.1 Million compared KSh 83.5 Million over a similar period last year.
The lender’s net interest income, derived mainly from loans to customers as well as investment in government paper, fell 17.3% to KSh 583 Million while non-funded interest income was down to KSh 973.1 Million from KSh1.1 Billion in Q3, 2019.
Interestingly, the Bank lowered its loan loss provisions to KSh 62 Million from KSh 266.3 Million during the period under review.
The size of its non-performing loan book shrunk to KSh2.4 billion from KSh3.1 Billion in Q3, 2019. Sidian’s balance sheet size grew to KSh33.6 billion.
Sidian Bank, formerly known as K-rep Bank is majority-owned by listed Investment firm Centum.