SBM Bank Kenya has reversed last year’s losses, posting a net profit of Sh283.41 million for the first nine months of 2025. The lender’s improved performance is credited to higher interest earnings, steady income from non-interest sources, and disciplined management of operating costs.
The bank’s financial statement indicates that net interest income almost doubled to Sh2.76 billion from Sh1.41 billion during the same period last year.
Non-interest revenue also grew by 29.8 percent to Sh1.54 billion from Sh1.19 billion, helping to boost overall earnings. Meanwhile, operating expenses fell slightly to Sh3.89 billion from Sh3.94 billion, reflecting careful cost control.
Staff costs remained unchanged at Sh1.75 billion, though provisions for bad debts rose by 63.6 percent to Sh235.4 million from Sh143.9 million, suggesting a cautious approach to credit risks.
“Our performance reflects the disciplined execution of our turnaround strategy and the power of customer-led innovation. Through smarter digital platforms, relevant products, and strong partnerships, we are delivering a bold, secure, and modern banking experience,” said SBM Bank Kenya CEO Bhartesh Shah.
He added that the bank is focused on driving inclusive financial growth and becoming the preferred choice for savings and payment solutions in Kenya.
The latest profit comes after SBM Bank spent much of 2024 in the red, closing last year with a net loss of Sh1.07 billion. The losses had prompted SBM Holdings, the Mauritius-based parent company, to inject Sh471 million in additional capital.
Last year’s deficit was primarily caused by shrinking net interest income, which fell to Sh2.15 billion from Sh3.81 billion, while interest costs grew faster than earnings.
SBM Holdings entered the Kenyan market in May 2017 through the acquisition of Fidelity Commercial Bank for $1 (Sh129), subsequently rebranding it as SBM Bank Kenya and investing $20 million (Sh2.59 billion) to boost capital.
In 2018, the bank further strengthened its position by acquiring select assets and liabilities from the troubled Chase Bank Kenya for approximately Sh456,000, with a $60 million (Sh7.74 billion) commitment to inject additional capital.
Since then, SBM Bank has been targeting high-net-worth and entrepreneurial clients through innovative products and digital solutions. The lender has also partnered with fintech firms and other ecosystem players to enhance its payment platforms and service delivery.
Despite returning to profit, the bank still carries accumulated losses of Sh2.38 billion, highlighting ongoing efforts needed to fully stabilize operations.
