SBM Bank Kenya has registered a dramatic return to profitability, recording an after-tax profit of Sh12.4 million for the first quarter of 2025—an upswing from a loss of Sh370 million in the same period last year.

This financial rebound comes less than a year after Bhartesh Shah took the reins as Chief Executive Officer in May 2024.

Under his leadership, the Bank has undergone a sweeping transformation, which he described as the result of focused strategy and disciplined implementation.

“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,” said Shah.

By the end of March 2025, SBM Bank’s total assets had climbed to Sh102.9 billion, reflecting a sharp rise from Sh90.6 billion in Q1 2024.

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Customer deposits surged by 28 per cent to Sh72.2 billion, up from Sh56.5 billion last year, supported by deliberate efforts to strengthen customer relationships.

The Bank also improved its top-line performance, with total operating income increasing from Sh1.0 billion to Sh1.3 billion over the same period.

At the same time, total operating expenses dropped by 5 per cent to Sh1.31 billion from Sh1.38 billion, indicating greater cost discipline and efficiency gains.

SBM Bank attributes its turnaround to a strategic pivot towards Kenya’s mass affluent segment and local enterprises.

Central to this approach has been a commitment to operational excellence, digital innovation, and customer service, all anchored by a philosophy of placing the right people in the right roles.

On the regulatory front, the Bank’s capital buffers remain strong. Core capital stood at Sh8.0 billion—well above the Central Bank of Kenya’s new minimum requirement of Sh3.0 billion due by the end of 2025.

The capital adequacy ratio reached 16.7 per cent, outpacing the regulatory minimum of 14.5 per cent, while the liquidity ratio hit 44.7 per cent, more than double the required 20 per cent threshold.

With early signs of momentum already visible, SBM’s revamped strategy is now positioning it for sustained growth within Kenya’s competitive banking landscape.

SBM Bank Kenya operates as a wholly owned subsidiary of SBM Group Holdings, a financial services conglomerate founded in 1973 and listed on the Stock Exchange of Mauritius.

The group maintains operations in Mauritius, Kenya, India, and Madagascar, with a total asset base of approximately Sh1.2 trillion (USD 9.8 billion) as of December 2024.