Sbm Bank Bounces Back To Profitability, Setting The Stage For Bold Growth
Nairobi, Tuesday, April 15, 2025 – SBM Bank Kenya Limited posted a KShs. 12.4 Million after tax profit for the first quarter of 2025, a significant turnaround from a loss of KShs. 370 Million for Q1’2024. This marks the early success of the Bank’s ambitious transformation journey under the leadership of Chief Executive Officer, Bhartesh Shah, who joined in May 2024.
The Bank reported a Total Assets position of KShs. 102.9 Billion, up from KShs. 90.6 Billion in Q1 2024. The Banks’ customer deposit balances increased by 28% to KShs. 72.2 Billion, compared to KShs. 56.5 Billion in Q1’2024 underpinned by a focus on building stronger customer relationships. Total operating income increased quarter on quarter from KShs. 1.0 Billion in Q1’2024 to KShs. 1.3 Billion in Q1’2025. Total operating expenses declined quarter on quarter by 5 % from KShs. 1.38 Billion in Q1’2024 to KShs. 1.31 Billion in Q1’2025.
The turnaround has been driven by a strategic focus on the mass affluent segment and local businesses, anchored on building stronger customer relationships, improving productivity, and enhancing operational efficiency. SBM Bank’s clear differentiation strategy emphasizes exceptional service, innovative products, and strengthened digital capabilities — all underpinned by placing the right people with the right skills in the right roles.
The Bank’s Core Capital stood at KShs. 8.0 Billion well above the new CBK minimum of KShs. 3.0 Billion required by end of 2025. The Banks’ capital adequacy ratio stood at 16.7% for the Q1’2025 against a minimum requirement of 14.5%. In addition, the bank recorded a liquidity ratio of 44.7% well above the minimum requirement of 20%.
Commenting on the results, Mr. Bhartesh Shah said:
"This performance is a testament to what can be achieved with clarity of purpose and relentless execution. Our turnaround signals a new era for SBM Bank — an era of bold ambition, customer-centric innovation, and operational excellence. We are building a future-ready bank that is faster, sharper, and deeply trusted by our customers."
SBM Bank’s revitalized strategy has already begun to deliver tangible results, positioning the Bank for continued growth as it accelerates its focus on Kenya’s mass affluent and entrepreneurial customer segments.
SBM Bank Kenya is a wholly owned subsidiary of SBM Group Holdings, established in Mauritius in 1973 and listed on the Stock Exchange of Mauritius. The Group operates in Mauritius, Kenya, India, and Madagascar with a total asset size of approximately KShs. 1.2 trillion (USD 9.8 billion) as of December 2024.
Ends.
For media queries contact: Rita Mwaniki| rmwaniki@imgkenya.com | 011 4335594
About SBM Bank (Kenya) Limited
SBM Bank Kenya, part of the SBM Group headquartered in Mauritius, is a trusted financial institution with a 50-year heritage rooted in stability and excellence.
Since its entry into the Kenyan market in 2017, the bank has established a robust presence with over 30 branches, an expansive ATM network, mobile and online banking, extensive agency services, and a 24-hour contact centre. Serving Retail, SME, and Corporate clients, SBM Bank Kenya leverages its global expertise and local knowledge to provide an unparalleled banking experience, upholding values of transparency, integrity, and excellence.
Download the Financial Results here: Un-Audited Financial Statements and Other Disclosures for the Period Ended 31st March 2025
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