• About Hisa Technologies
  • Advertise
  • Careers
  • Contact Us
  • Estate Cloud
Sunday, February 5, 2023
  • Login
  • Register
No Result
View All Result
NEWSLETTER
Kenyan Wallstreet
  • Home
  • News
    • Kenyan News
    • African News
    • Global News
  • Business
    • Agriculture
    • Banking
    • Aviation
    • Energy
    • Manufacturing
    • Markets
    • Technology
    • Startups
  • Money Matters
  • Podcast
  • Videos
  • Digital Assets
  • Calendar
  • Home
  • News
    • Kenyan News
    • African News
    • Global News
  • Business
    • Agriculture
    • Banking
    • Aviation
    • Energy
    • Manufacturing
    • Markets
    • Technology
    • Startups
  • Money Matters
  • Podcast
  • Videos
  • Digital Assets
  • Calendar
No Result
View All Result
Kenyan Wallstreet
No Result
View All Result

Sidian Group Net Earnings Drop 84.7% to KSh 18.8 Million

Jackson OkothbyJackson Okoth
April 1, 2021
in Banking, Kenyan News
Reading Time: 2 mins read
sidian

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.

Fj8qeFoXkAEPAzj
ADVERTISEMENT

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.

ALSO READ: Sidian Bank Q3 earnings drop 90% to KSh 8.1 Million


Previous Post

Kenya’s Inflation Rises to Ten-Month High

Next Post

Banks Resume Charges for Transactions Above Ksh 100 through Inhouse Mobile Money Wallets

Related Posts

Flutterwave Raises $250 Million in Series D Funding

Kenyan Govt Drops charges of financial impropriety against Flutterwave

February 5, 2023
NSE

NSE Amends Trading Regulations to Accommodate Block Trades

February 5, 2023

Kenya to Begin Exporting High Value-added Tea to Australia

February 2, 2023

Mawingu Secures KES 1.12 Billion to Expand Fixed Internet Services

February 2, 2023

Esther Masese Waititu Appointed as Chief Financial Services Officer

February 1, 2023

June Chepkemei Appointed as KenInvest’s Acting Managing Director

February 1, 2023

CBK Expects Stable Foreign Exchange Market on Favorable External Deficit

February 1, 2023

Kenya Power to Raise KES 31 Billion from Proposed Tariffs

January 31, 2023
Load More
Next Post
Banks Call for Reinstatement of Transaction Charges

Banks Resume Charges for Transactions Above Ksh 100 through Inhouse Mobile Money Wallets

Follow Us

  • 163.1k Followers
  • 3.6k Subscribers
  • 1.2k Followers

WhatsApp

Subscribe

Telegram  

Subscribe

Podcasts

Upcoming Events

There are no upcoming events.

View Calendar
Add
  • Add to Timely Calendar
  • Add to Google
  • Add to Outlook
  • Add to Apple Calendar
  • Add to other calendar
  • Export to XML

Featured

No Content Available

About Us

We are a leading integrated digital content platform providing in-depth business and financial news across Sub-Saharan Africa & the globe. Kenyanwallstreet.com is a property of Hisa Technologies Ltd, a financial media & software company.

Contact Us

Kenyan Wall Street
Email: [email protected]
Website: www.kenyanwallstreet.com

Disclaimer

The information contained in this website is for general information purposes only.
Read more..

  • About Hisa Technologies
  • Advertise
  • Careers
  • Contact Us
  • Estate Cloud

Copyright 2021. Hisa Technologies. All Rights Reserved.

No Result
View All Result
  • Home
  • News
    • Kenyan News
    • African News
    • Global News
  • Business
    • Agriculture
    • Aviation
    • Banking
    • Energy
    • Infrastructure
    • Insurance
    • Investment
    • Manufacturing
    • Markets
    • Public Policy
    • Real Estate
    • Startups
    • Technology
  • Podcast
  • Videos
  • Events

Copyright 2021. Hisa Technologies. All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In