Profit before tax rises to Sh246 million; deposits grow by 23% SBM Bank (Kenya) has announced a strong start to 2026, reporting a profit before tax of 246 million for the first quarter, up from Sh12 million in Q1 2025. This reinforces the bank’s shift from turnaround stabilisation to sustainable, scalable performance.
The quarter’s results reflect disciplined execution of a CEO-led transformation agenda focused on balance sheet optimisation, customer growth and transaction-led banking, supported by targeted investment in technology, digital journeys and payments capabilities.
Total assets increased to Sh109.5 billion (from Sh102.9 billion), while customer deposits grew 23 per cent year-on-year to Sh89.0 billion, driven by an expanding customer base and deeper engagement across segments. Growth was supported by a balanced asset mix, with net loans and advances at Sh48.5 billion and government securities at Sh44.0 billion.
Net interest income stood at Sh1.1 billion, supported by disciplined funding cost management, with interest expenses down 15 per cent year-on-year. Non-interest income rose 55 per cent to Sh673 million, driven by higher transaction volumes across digital and payments channels.
Asset quality improved significantly, with gross non-performing loans declining 41 per cent to Sh10 billion and the NPL ratio improving from 33.8 per cent to 19.8 per cent. Overall operating income rose to Sh1.7 billion, while operating expenses increased by a controlled 13 per cent reflecting disciplined cost management alongside continued investment in technology and infrastructure to support long-term growth and service stability.
Commenting on the results, SBM Bank Kenya CEO Bhartesh Shah said: “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.” He added that the lender is building a different kind of bank in Kenya, a payments-led bank that customers trust for everyday transactions.