NAIROBI, Kenya, May 4 – SBM Bank has announced a Sh246 million profit before tax for the first quarter of 2026, up from Sh12 million in a similar period last year.
The lender attributed this to growth in deposits and non-funded income.
Customer deposits rose by 23 percent year-on-year to Sh89 billion, while total assets increased to Sh109.5 billion from Sh102.9 billion, reflecting an expanding customer base and deeper engagement across segments.
Net loans and advances stood at Sh48.5 billion, while investment in government securities reached Sh44 billion, highlighting a balanced asset mix.
Net interest income came in at Sh1.1 billion, supported by lower funding costs, with interest expenses declining 15 percent.
Non-interest income rose by 55 percent to Sh673 million, driven by higher transaction volumes across digital and payments channels.
Asset quality improved, with gross non-performing loans declining 41 percent to Sh10 billion, while the NPL ratio dropped to 19.8 percent from 33.8 percent.
Overall operating income increased to Sh1.7 billion, while operating expenses rose by 13 percent, reflecting cost controls alongside continued investment in technology and infrastructure.
“These results are not an accident. Since I took office, we have reset how the Bank is run through tighter execution, clearer accountability, and a relentless focus on customer activity. Q1 shows the payoff: stronger earnings quality, stronger deposits, and a cleaner book,” said its CEO Bhartesh Shah.
“We are building a different kind of bank in Kenya, a payments-led bank that customers trust for everyday transactions. When you win transactions, you win the relationship, and the economics follow.”
The bank reported core capital of Sh7.8 billion and a liquidity ratio of 50.4 percent, both above regulatory requirements.