SBM Bank Rockets to KSh 4.3 Billion Profit Following Strategic Turnaround

SBM Bank Kenya Limited has posted a remarkable recovery in the nine months ending September 30, 2025. Total assets grew to KSh 104 billion, while customer deposits rose 20% year-on-year to KSh 75.2 billion. The bank recorded a KSh 1.3 billion loss during the same period last year.

The turnaround follows a strategy led by CEO Bhartesh Shah, who took over in May 2024. Total assets increased from KSh 97.5 billion in Q3 2024. Operating income jumped 65% to KSh 4.3 billion, driven by lending, payments, and investment products. Operating expenses fell by 3.5%, boosting profits.

SBM Bank credited its growth to digital innovation, customer-focused products, and strategic partnerships. The bank upgraded its Mfukoni mobile app, adding card management, PIN resets, blocking and unblocking services and real-time alerts. These features are part of the Zero Trust Architecture, aimed at strengthening cybersecurity.

CEO Shah said the results reflect disciplined execution of the turnaround plan. “Our performance shows the power of customer-led innovation,” he said. “Through smarter digital platforms, relevant products, and strong partnerships, we are delivering a bold, secure and modern banking experience.”

The bank’s success also comes from offering relevant products that meet customer needs. Lending solutions, payment services and investment options all contributed to the strong performance.

SBM Bank’s nine-month results show that the transformation strategy is working. Analysts say the growth in deposits and assets reflects renewed customer confidence and trust.

The bank plans to continue using technology and partnerships to strengthen its position. It aims to sustain long-term growth while remaining Kenya’s preferred payments and savings bank.

The turnaround demonstrates how effective leadership, innovation and strategic planning can shift a bank from losses to profits in under a year.