Sidian Bank Full Year 2016 Earnings Plunge By 92%
Sidian Bank, formerly known as K-Rep Bank, is a tier three commercial bank in Kenya and majority owned by NSE listed Centum Investments.
The Bank has made public its financial performance for the period ended 31st Dec 2016 with profit after tax declining by a massive 92.47 per cent to Sh 28 Million compared from a profit of Sh 372 Million recorded in the previous year.
- Total interest income increased by 13.5 per cent to Sh 3.1 Billion from 2015’s Sh 2.7 Billion mainly from interest on loans to customers while interest from Government securities was unchanged.
- Total Non Interest Income fell to Sh 596 Million from Sh 645 Million.
- Total Operating Expenses shot up 37% to Sh 2.45 Billion with Staff costs advancing by 50% to Sh 898 Million.
- Gross Non Performing Loans were up 53 per cent to Sh 2.46 Billion. Minus interest expenses, total NPLs came in at Sh 2.15 Billion, an increase of about 46 per cent.
- Total Insider Loans and Advances and other facilities declined from Sh 558.5 Million to Sh 400.4 Million.
Download: Sidian Bank FY 2016 Financials
Source: Sidian Bank