SBM Bank has posted a net profit of Sh12.4 million in quarter one (Q1) of this year, an improvement from the Sh370 million loss recorded during a similar period last year.
In the review period, the bank’s total assets expanded to Sh102.9 billion, an improvement from Sh90.6 billion.
While its customer deposit increased by 28 percent to Sh72.2 billion, total operating income jumped to Sh1.3 billion.
“The turnaround has been driven by a strategic focus on the mass affluent segment and local businesses, anchored on building stronger customer relationships, improving productivity, and enhancing operational efficiency,” the lender said in a statement.
SBM Bank Kenya is a wholly owned subsidiary of SBM Group Holdings, established in Mauritius in 1973 and listed on the Stock Exchange of Mauritius.
The Group operates in Mauritius, Kenya, India, and Madagascar with a total asset size of approximately Sh1.2 trillion as of December 2024.
“This performance is a testament to what can be achieved with clarity of purpose and relentless execution. Our turnaround signals a new era for SBM Bank — an era of bold ambition, customercentric innovation, and operational excellence. We are building a future-ready bank that is faster, sharper, and deeply trusted by our customers.”
