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Turnaround For Sidian Bank As It Records Profits In Q3 of 2020

Mr. Chege Thumbi CEO Sidian Bank and Mr. Douglas Mwangi - Director ,Director Finance and Strategy at a previous event. [PHOTO/ COURTESY]

Sidian Bank has posted a consolidated net profit after tax of Ksh8 million as at Q3 2020 being an improvement from the net loss of Ksh85 million as at Q2 2020.

The lender closed its Trade Finance business Ksh11.9 billion as at September 30, 2020.

The profitability was driven by the increased loan book which grew by 29 percent to Ksh18.4 billion from Ksh14.3 billion in the prior period growing the interest income on loans and lending fees.

Customer deposits grew by 24 percent to Ksh21.6 billion from Ksh17.5 billion in the prior period attributed to continued customer deposits mobilisation and increased customer transactions.

The balance sheet grew by 38 percent to Ksh33.6 billion from Ksh24.2 billion in the prior period.

Trade Finance continues to be a key pillar for the Bank through innovative solutions with flexible terms and quick turnaround time, the lender said.

Read: “Soaring Eagle” Transformation Agenda Boosts Co-op Bank’s Profit By 6PC To Ksh15.4 Billion

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.

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

“Our innovative solutions extend to a robust 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 lender said in a statement.

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 & Health sector,” added the statement

“In support of businesses that have been affected by the COVID- 19 pandemic, the Bank continues to offer loan restructures, moratoriums and other concessions to customers.”

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Written by Francis Muli

Senior reporter at Kahawa Tungu, Muli has a passion for human interest stories. Believes in unearthing societal rots that have been hidden from the public eye.
Follow me on Twitter @FmuliKE. Email francis@kahawatungu.com

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