SBM Bank Kenya swings to Ksh.412 million profit in nine months

The bank’s total assets rose to KSh104 billion from KSh97.5 billion a year earlier, while customer deposits increased by 20% to KSh75.2 billion. Operating income grew to KSh4.3 billion, representing a 65% rise, as total operating expenses fell by 3.5%, signaling tighter cost control.

SBM attributed the stronger performance to its focus on digital banking, new product offerings, and operational efficiency. Recent upgrades to its Mfukoni mobile app introduced self-service card management and enhanced security features as part of a wider move towards a Zero Trust digital framework.

During the period, the bank expanded its partnership with Mastercard and scaled up real-time interbank transfers through PesaLink to strengthen its payments business.

In the investment segment, SBM reported strong uptake of its Platinum Saver Account offering returns of 9% in Kenya shillings and 4% in US dollars. The Jijenge Biashara product, which allows MSMEs to borrow up to twice their savings, also continued to attract growing demand.

The bank’s core capital stood at KSh7.7 billion, more than double the Central Bank of Kenya’s new minimum requirement of KSh3 billion effective end of 2025. Capital adequacy was at 15.2%, above the 14.5% regulatory minimum, while liquidity remained strong at 42.9%.

Commenting on the results, CEO Bhartesh Shah said the results reflect “disciplined execution of the turnaround strategy” and the bank’s continued focus on innovation and customer needs.

SBM Bank Kenya, a subsidiary of Mauritius-based SBM Group Holdings, operates within a regional network that includes Mauritius, India, and Madagascar. The Group’s total assets stoo