Sidian Bank recorded an increase in net profit to KSh 117.4 million at the end of the first three months of the year compared to KSh 113.9 million in Q1 2021, an increase of 3.1%.
The lender’s balance sheet size grew from KSh 33.4 billion in Q1 2021 to KSh 43.2 billion, while net loans to customers increased from KSh 20.6 billion to KSh 23.3 billion.
Sidian Bank Customer Deposits
Sidian Bank customer deposits increased from KSh 23.1 billion in Q1 2021 to KSh 23.3 billion in Q1 2022.
Total Shareholders’ funds, what owners of the bank will be paid if the business is liquidated, increased from KSh 4.2 billion to KSh 4.9 billion at the end of March 2022.
The lender’s Total Interest Income from loans to customers, government securities and deposits with other banking institutions increased from KSh 768.4 million to KSh 970.9 million in Q1 2022.
Sidian Bank Total non-interest income, derived from fees and commissions, dividends and forex trading, increased from KSh 376.8 million to KSh 445.4 million during the period under review.
Sidian Bank increased its provisions for loan losses during the quarter to KSh 95 million from KSh 37.5 million in Q1 2021, while Gross non-performing loans increased from KSh 2.4 billion to KSh 2.8 billion.
The lender made a pre-tax profit of KSh 162.8 million in Q1 2021 to KSh 167.6 million in Q1 2022 and has Centum Investment Company as its majority shareholder.
Established 38 years ago as a microfinance NGO under the brand name K-Rep, the bank rebranded to Sidian Bank in 2016 following the acquisition of a majority stake by Centum.
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