Sidian Bank Q1 profit rises 9% as deposits jump 48% to Ksh.74B

In financial results released on Wednesday, the lender said profit rose from Ksh.556.94 million recorded in a similar period last year.

Net interest income more than doubled to Ksh.1.61 billion from Ksh.736.58 million, driven by a 61.9 per cent jump in total interest income to Ksh.2.88 billion.

Customer deposits grew 47.6 per cent to Ksh.74.16 billion from Ksh.50.25 billion, while total assets rose 38.1 per cent to Ksh.94.08 billion.

The bank said interest expense increased 21.8 per cent to Ksh.1.27 billion, a slower pace than the growth in interest income.

The performance comes as the lender transitions to new leadership, with John Okulo set to take over as chief executive on May 1, 2026 from KCB Bank Kenya, replacing Chege Thumbi who is due to retire on June 30.

The lender’s net loans and advances increased 11.9 per cent to Ksh.29.38 billion, while gross non-performing loans eased to Ksh.8.25 billion from Ksh.8.65 billion.

Non-interest income declined 45.9 per cent to Ksh.557.34 million from Ksh.1.03 billion, which the bank attributed to a drop in other income.

Sidian said its capital position strengthened during the period, with core capital rising to Ksh.11.77 billion and the core capital adequacy ratio improving to 19.6 per cent from 12.2 per cent following a Ksh.3 billion rights issue completed earlier this year.

The liquidity ratio stood at 76.9 per cent, well above the 20 per cent statutory minimum.