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Customer deposits grew by 24 per cent to Sh21.6 billion from Sh17.5 billion in the prior period attributed to continued customer deposits mobilization and increased customer transactions/Sidian Bank

Finance

Sidian bank posts Sh8mn profit in year’s third quarter

NAIROBI, Kenya, Nov 18 – Sidian Bank has posted a consolidated net profit of Sh8 million as at the third quarter of the year.

The profitability is driven by the increased loan book which grew by 29 per cent to Sh18.4 billion from Sh14.3 billion in the prior period growing the interest income on loans and lending fees.

Customer deposits grew by 24 per cent to Sh21.6 billion from Sh17.5 billion in the prior period attributed to continued customer deposits mobilization and increased customer transactions.

The balance sheet grew by 38 per cent to Sh33.6 billion from Sh24.2 billion in the prior period. It continues to be a key pillar for the Bank through innovative solutions with flexible terms and quick turnaround time.

To enhance customer convenience, the Bank recently launched an innovative product, Sidian Credible that allows its customers as well as non-customers to apply for bid bonds on any device from the comfort of their offices and/or homes in less than 10 minutes.

The Bank was recently awarded the ‘Best Bank in Digital Banking” in the 2020 Think Business Banking Awards.

Sidian boosts of a digital banking platform that includes internet banking for both personal and corporate customers, mobile banking and debit and credit cards, channels that have offered our customers cashless and convenient banking during the COVID-19 pandemic period.

The bank backed by its International Partners continues to support SMEs in different sectors of the economy.

The bank has fostered long term partnerships with East African Development Bank(EADB) through continued lending to the agricultural sector; The Dutch Entrepreneurial Development Bank (FMO) through continued provision of affordable credit to SME clients and privately-owned business enterprises; and Aqua for All through financing of COVID-19 WASH loans to entrepreneurs in the Water, Sanitation and Health sector.

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In support of businesses that have been affected by the COVID-19 pandemic, the bank has also offered loan restructures, moratoriums and other concessions to our customers.

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