diff --git a/x/bank/keeper/send.go b/x/bank/keeper/send.go
index fa77baa5e..fb68fc9c4 100644
--- a/x/bank/keeper/send.go
+++ b/x/bank/keeper/send.go
@@ -154,16 +154,18 @@ func (k BaseSendKeeper) SendCoins(ctx sdk.Context, fromAddr sdk.AccAddress, toAd
 		k.ak.SetAccount(ctx, k.ak.NewAccountWithAddress(ctx, toAddr))
 	}
 
+	// bech32 encoding is expensive! Only do it once for fromAddr
+	fromAddrString := fromAddr.String()
 	ctx.EventManager().EmitEvents(sdk.Events{
 		sdk.NewEvent(
 			types.EventTypeTransfer,
 			sdk.NewAttribute(types.AttributeKeyRecipient, toAddr.String()),
-			sdk.NewAttribute(types.AttributeKeySender, fromAddr.String()),
+			sdk.NewAttribute(types.AttributeKeySender, fromAddrString),
 			sdk.NewAttribute(sdk.AttributeKeyAmount, amt.String()),
 		),
 		sdk.NewEvent(
 			sdk.EventTypeMessage,
-			sdk.NewAttribute(types.AttributeKeySender, fromAddr.String()),
+			sdk.NewAttribute(types.AttributeKeySender, fromAddrString),
 		),
 	})