By James Murimi - Reporter
Kenya, August 20 ,2026 - SBM Bank Kenya is betting on the expanding economy of Mt Kenya to drive its next phase of growth, opening a new branch in Nanyuki as lenders increasingly move beyond Nairobi and other established commercial centres in search of new business.
The bank has established its 34th branch at Peak Place Building in Nanyuki, on Thursday, targeting a diverse economy anchored on tourism, conservancies, horticulture, agribusiness, real estate and small and medium-sized enterprises.
The expansion comes at a time when SBM is posting a strong financial turnaround, with profit before tax jumping 171.3 per cent to Sh548 million in the six months to June 2026.
The lender said Nanyuki's strategic position at the heart of Laikipia's tourism and agricultural economy made it an important market for its growth strategy.
Laikipia hosts major wildlife conservancies such as Ol Pejeta, Lewa, Borana and Loisaba, as well as high-end tourism facilities, horticulture exporters and a growing network of SMEs and property developers.
The presence of the British Army Training Unit Kenya (BATUK) has also contributed to the region's commercial activity.
SBM Bank Kenya chief executive Bhartesh Shah said the lender's decision to establish a branch in Nanyuki reflected its confidence in the region's economic prospects.
“Nanyuki is exactly the kind of market our strategy is built for. The region is a high-growth economy where relationship banking and digital convenience should work together,” Shah said.
The lender plans to provide banking and advisory services to businesses and institutions operating in the region, including conservancies, farmers, horticulture exporters and SMEs.
Laikipia Governor Joshua Irungu said the county was ready to work with private-sector investors to unlock its economic potential.
“From agribusiness and tourism to real estate and manufacturing, the potential here is enormous, and we are ready to work with partners who share our ambition for this region,” Irungu said.
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SBM's expansion comes as its balance sheet continues to strengthen.
Customer deposits increased by 24 per cent to Sh94 billion, while net loans and advances grew 18 per cent to Sh54.1 billion during the period under review.
Total assets rose to Sh109.9 billion from Sh105.7 billion at the end of December 2025.
Net profit after tax increased 88.2 per cent to Sh380.2 million, while operating profit surged 279 per cent to Sh852 million.
The bank also reported an improvement in asset quality, with its gross non-performing loan ratio falling from 32.4 per cent to 17.3 per cent.
Shareholders' equity rose to Sh11.1 billion.
The Nanyuki outlet is the bank's second new branch since the opening of its Kilifi branch in July last year, taking its nationwide network to 34 branches.
The expansion signals a renewed push by the lender to capture business in emerging commercial centres, even as Kenya's banking industry increasingly combines physical branches with digital channels to reach customers.