Groww Q2 profit rises 54% to ₹725 crore as revenue mix diversifies

Nairobi, Kenya – The profit before tax of SBM Bank Kenya surged 122 percent to Sh911 million in the nine months leading up to September 2026, compared to Sh411 million during the same period a year ago. Operating profit surged 197 percent to Sh1.3 billion, while total income increased 33 percent to Sh5.44 billion. Net interest income climbed 29 percent to Sh3.44 billion, and non-funded income rose 39 percent to Sh2 billion.

Transactional income nearly doubled, growing 95 percent, and trade finance commissions experienced an 98 percent increase. Customer deposits expanded by 29 percent, reaching Sh97.3 billion as of September 30, while net loans and advances grew 23 percent to Sh56.5 billion. The bank's non-performing loan (NPL) ratio decreased to 16.9 percent from 32.3 percent a year earlier, although it remained above the banking sector's ideal levels.

It was 17.3 percent in June 2026. During the nine-month span, SBM Bank Kenya recorded a net impairment charge of Sh418 million, as the lender continued to set aside funds for potential loan losses. Chief Executive Officer Bhartesh Shah attributed the growth in deposits to customer confidence, emphasizing the bank's commitment to honoring that trust through dependable service, prudent judgment, and financing options that aid individuals and enterprises in advancing.

Shah highlighted that loans issued since May 2024, when he assumed leadership, exhibited a remarkably low NPL ratio of 1 percent, in stark contrast to the higher levels present in the overall loan portfolio, which encompasses older loans. The bank has also recently upgraded its core banking system to Oracle FLEXCUBE 14.8 and transitioned to the iCUST loan-origination platform.

SBM Bank Kenya now aims to enhance service delivery, credit decisions, and processing times. The institution is also investing in digital onboarding, mobile banking, and its Busara loyalty program, alongside zero-fee PesaLink transfers, as it strives to boost customer engagement with its services. Operating expenses rose 12 percent during the period, lower than the 33 percent increase in total income.