SBM Bank Kenya has stepped up its expansion drive, opening its 34th branch in Nanyuki as it seeks to tap the growing tourism, agriculture and small-business economy in the Mt Kenya region.
The new outlet, located at Peak Place Building in Nanyuki town, comes as the lender records a sharp improvement in earnings, with profit before tax surging 171.3 per cent to KES 548 million in the six months to June 2026.
The bank said the Nanyuki expansion is aimed at bringing full-service banking closer to businesses and residents in Laikipia, where the economy is increasingly being driven by tourism, conservancies, horticulture, agribusiness, real estate and small and medium-sized enterprises.
The region hosts major conservancies including Ol Pejeta, Lewa, Borana and Loisaba, alongside high-end tourism facilities, flower and horticulture exporters, the British Army Training Unit Kenya (BATUK) and a growing pool of SMEs and agribusinesses.
Speaking during the launch, Laikipia Governor Joshua Irungu said the region offered significant opportunities for private-sector investment.
“Laikipia's economy has thriving sectors that create a perfect investment environment, especially for the private sector. I take this opportunity to invite the private sector to take a serious look at what our region has to offer,” said Irungu.
He cited agribusiness, tourism, real estate and manufacturing as some of the sectors with potential to drive the county's economic growth.
SBM Bank Kenya chief executive Bhartesh Shah said Nanyuki was strategically important to the lender's growth plans, particularly because of the region's expanding commercial base.
“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,” said Shah.
The lender said the new branch will serve conservancies, horticulture exporters, SMEs, farmers and institutional customers through relationship-led banking and digital financial services.
The expansion comes against the backdrop of a strong first-half financial performance by the bank.
Profit after tax rose 88.2 per cent to KES 380.2 million, while operating profit nearly quadrupled by 279 per cent to KES 852 million.
Customer deposits increased 24 per cent to KES 94 billion, while net loans and advances rose 18 per cent to KES 54.1 billion.
The growth pushed the bank's total assets to KES 109.9 billion, up from KES 105.7 billion at the end of December 2025.
The lender also reported an improvement in asset quality, with its gross non-performing loan ratio falling to 17.3 per cent from 32.4 per cent a year earlier.
Shareholders' equity increased to KES 11.1 billion, strengthening the bank's capital position as it expands its physical and digital footprint.
The Nanyuki outlet is SBM's second new branch since it opened its Kilifi branch in July 2025.
The lender said its expansion beyond the country's major urban centres is intended to deepen its presence in emerging commercial hubs and improve access to financial services for businesses and households.
With Nanyuki now part of its network, SBM Bank Kenya has 34 branches countrywide, as competition among lenders intensifies for customers in fast-growing regional economies.
