Sidian Group Net Profit declined to KSh 18.775 Million at the close of the financial period ended 31st December 2020. This is against net earnings of KSh 122.5 Million over a similar period in 2019, a decline of 85%.
Formerly known as K-Rep Bank, Sidian Group, which includes Sidian Bank Limited and Sidian Insurance Agency, recorded an increase in its balance sheet size from KSh 26.5 Billion in 2019 to KSh 33.5 Billion in 2020.
In its 2020 Annual Report, Sidian Group said COVID-19 slowed down its performance in 2020, especially in Q2 immediately after the pandemic outbreak was announced in Kenya.
The lender’s financial statements for the year 2020 shows that net loans to customers increased from KSh 14.5 Billion to KSh 18.9 Billion during the period under consideration, while customer deposits hit KSh 1 Billion from KSh 745.2 Million in 2019.
Total Shareholders’ funds increased marginally from KSh 4.08 Billion to KSh 4.09 Billion during the period under review.
Total interest income from loans, investment in Government Securities, Deposits with other financial institutions, and other income increased from 2.1 Billion to KSh 2.5 Billion.
Net Interest Income, however, declined from KSh 933.9 Million to KSh 858.6 Million.
Fees and commissions on loans to customers increased from KSh 482.1 Million to KSh 558.7 Million.
Total Operating Income declined from KSh 2.4 Billion in 2019 to KSh 2.2 Billion in 2020, while loan loss provision decreased from KSh 402.9 Million to KSh 187 Million in 2020.
The lender’s pre-tax profit fell from KSh 99.6 Million in 2019 to KSh 72.1 Million at the end of December 31st, 2020.
Gross Non-performing loans portfolio declined from KSh 3.3 Billion in 2019 to KSh 2.3 Billion in 2020. Net NPL exposure fell by more than half from KSh 37.5 Million in 2019 to KSh 17.7 Million in 2020.
In its 2021 focus, the lender plans to increase customer transactions on its digital channels, enhance efficiencies and increase profitability.