Sidian Bank has announced a profit after tax increase of 250 percent in the first quarter of the current financial year. In that period which ended on March 31 2025, profit after tax increased from Sh556.9 million from the previous year’s Sh159.1 million.
The growth of Sidian Bank Q1 2025 net profit came as customer deposits increased by 61.9 percent to Sh50.2 billion from the Sh31 billion deposits that were realized in the first quarter of the previous financial year.
Total assets increased by 48.3 percent to Sh68.1 billion. In the same period the previous year, total assets had come in at Sh45.9 billion. The bank ended the period under review with a core capital of Sh6.1 billion. This was an increase from the Sh4.7 billion core capital that the lender recorded in the same period the previous year.
The financial results show that the bank’s non-interest income increased by 121.3 percent to Sh1 billion. In the same period the previous year, non-interest income had stood at Sh465.4 million. Total interest income came in at Sh1.78 billion from the Sh1.5 billion that was recorded in the same period the previous year.
Loans and advances grew by 5.5 percent to Sh26.2 billion. Income from loans and advances stood at Sh948 million down from the previous year’s Sh1 billion. Investments in government securities were the biggest gainers in this category, bringing in Sh822.5 million from the Sh436.5 million that was realized the previous period.
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At the end of the first quarter, Sidian Bank’s shareholder funds came in at Sh7.96 billion up from Sh5.37 billion.
The lender saw an increase in the amount of non-performing loans and advances which stood at Sh7.38 billion as at the end of March 31, up from Sh4.5 billion as at the end of March in the previous year.
