SBM BANK (Kenya) has posted a Sh202 million profit for the first half of 2025, as the lender reaped from investment in digital platforms and collaborations with fintechs.
The wholly owned subsidiary of Mauritian lender–SBM Group Holdings has made a turnaround from a Sh943.1 million loss during the same period last year.
During the period under review, operating income rose by 65 per cent year-on-year, reaching Sh2.8 billion from Sh1.7 billion in 2024, amid a decline in operating expenses which went down two per cent , demonstrating strong cost discipline and operational efficiency.
Its loan book grew to Sh45.7 billion from Sh43 billion as it continued to continued to extend credit to both households and businesses including SMEs.
Customer deposit balances surged by 37 per cent to Sh76.2 billion, driven by an expanding customer base and deepened relationships across key segments.
The Bank, which started operations in Kenya in 2017 after acquisition of Fidelity Commercial Bank by SBM Holdings Limited and subsequent rebranding, before an acquisition of certain assets and liabilities of Chase Bank (Kenya) Limited (In Receivership) in 2018, has seen its total assets grow to Sh105.7 billion.
This is up from Sh92.6 billion in the first half of 2024, a milestone that reflects the success of the bank’s ongoing transformation under the leadership of CEO Bhartesh Shah, who took the helm in May 2024.
Its capital strength remains robust, with a core capital of Sh8 billion—well above the new CBK minimum of Sh3 billion required by the end of 2025.
Its capital adequacy ratio stood at 16 per cent against a regulatory minimum of 14.5 per cent, while liquidity stood at 45.9 per cent, far exceeding the 20 per cent statutory requirement.
According to management, SBM Bank’s turnaround is underpinned by a sharpened focus on the mass affluent and entrepreneurial segments, the launch of innovative new products and ongoing investment in efficient, customer-friendly digital platforms.
Strategic collaborations with fintechs and ecosystem partners have further enhanced the bank’s ability to deliver seamless, secure and scalable payment solutions, it said.
“Our performance affirms the strategic bets we have made, investing in intelligent digital platforms, launching innovative products and forging partnerships that deliver more value to our customers. We are committed to becoming Kenya’s preferred payments bank by building for scale, speed and trust. This is just the beginning of a bold new chapter for SBM,” Shah said.
SBM Bank’s revitalised strategy continues to gain momentum, with clear wins in positioning the Bank as a digital-first, customer-centric institution.
As the Bank deepens its focus on technology, partnerships and service excellence, it is well-positioned to meet the evolving needs of Kenya’s fast-growing middle class and business community, Shah noted.
The parent company SBM Group Holdings, established in Mauritius in 1973 and listed on the Stock Exchange of Mauritius, operates in Mauritius, Kenya, India and Madagascar with a total asset size of approximately Sh1.2 trillion as of December 2024.
It acquired certain assets and liabilities of Chase Bank (Kenya) which included the assumption of deposits and the transfer of 50 branches and a significant portion of Chase Bank's staff to SBM Bank.
The Central Bank of Kenya (CBK) played a role in facilitating the transaction to ensure depositors had access to their funds.
