Sidian Bank Ltd has announced profits for the period ended 30th June 2023 at KSh 209.9 million.
The Bank increased its provisions for bad debts by 16.1% to KSh 194.1 million while its gross non-performing loans were up 17.8% to KSh 3.5 billion. Its customer deposits declined to KSh 25.9 billion at the end of June 3oth 2023 compared to KSh 26.7 billion at the end of a similar period last year.
The Sidian Group balance sheet size shrunk by 0.7% to KSh 43.3 billion from KSh 43.6 billion in HI 2022 while the lender’s Net Interest Income was up 19.8% to KSh 930.9 million
Total Shareholders’ funds, what owners of Sidian Bank will be paid if the lender is liquidated, increased from KSh 5.0 billion to KSh 5.4 billion at the end of June this year.
The largest shareholder in the lender, holding 82.2%, is Centum Investment Company Limited- East Africa’s leading investment company with real estate & infrastructure, financial services, FMCG, and power as key sectors with total assets of portfolio at US$ 620 million.
Trade Finance is the flagship product of the Bank that has enabled its customers to participate in the tendering process and successfully execute their mandates.
The lender provides Bid bonds, other bank guarantees, letters of credit, import/export financing, LPO financing, and invoice discounting, among other trade facilitation instruments.
In 2015, Centum Investment Company completed its acquisition of a majority stake in the bank. On 4 April 2016, the then K-Rep Bank re-branded to Sidian Bank, to reflect the majority shareholding by Centum Investments Limited.