Sidian Bank has reported a 470 per cent jump in net profit to Sh1.47 billion for the nine-month period ended September 30, 2025, driven by strong growth in operating income.
The lender reported a net profit of Sh257.6 million during the same period last year.
Non-interest income, which includes fees and commissions earnings, grew by 147 per cent to Sh2.96 billion compared to last year driven by strong growth in other income.
Net interest income grew 55 per cent to Sh2.67 billion attributable to growth in interest income from government securities, which was up by Sh1.7 billion to hit Sh3.1 billion.
Sidian Bank was recently appointed as the principal banker for Nairobi County's health facilities, a decision that attracted public scrutiny. The county instructed all Level 4 and 5 hospitals to open new bank accounts with Sidian Bank.
The Governor of Nairobi City County, Johnson Sakaja, defended the decision when he appeared in front of the Senate Committee on Devolution and Intergovernmental Relations saying that the shift was informed by administrative and financial considerations.
Nairobi Governor, Johnson Sakaja, told the committee:
“Sidian had a cheaper interest rate and gave us a better offer. It is a good deal. We invited many banks, and Sidian presented the best package. As for ownership, every bank has owners, but what matters is good service.”
“It was an administrative issue. The main challenge we had was management; there were cheque delays, and we struggled to pay workers. The interest rates from the previous bank were also very high, so we decided to move to Sidian Bank after they gave us a better offer.”
The bank first came under public scrutiny after it was picked, alongside five other banks, to handle SHIF remittances following consultations with employers.
Centum, which is listed at the Nairobi Securities Exchange, held a 14.63 per cent stake in the bank as of March 31, 2025.
Centum’s stake in the bank fell to 14.63 per cent from 20 per cent in the year to March 31, 2025, after it was diluted in a rights issue the investment firm chose not to participate in.
