diff --git a/src/SafeProvider.ts b/src/SafeProvider.ts
index 14ab7f1..f01e5fd 100644
--- a/src/SafeProvider.ts
+++ b/src/SafeProvider.ts
@@ -24,6 +24,7 @@ export const SafeContext = createContext<SafeContextType>({
   publicClient: undefined,
   signerClient: undefined
 })
+
 export type SafeProviderProps = {
   config: SafeConfig
 }
diff --git a/src/hooks/helpers/useAsyncMemo.ts b/src/hooks/helpers/useAsyncMemo.ts
new file mode 100644
index 0000000..2f0642d
--- /dev/null
+++ b/src/hooks/helpers/useAsyncMemo.ts
@@ -0,0 +1,21 @@
+import { DependencyList, useEffect, useState } from 'react'
+
+/**
+ * Hook that memoizes the result of an async function.
+ * @param factory Async function of which the result should be memoized.
+ * @param deps Dependency list
+ * @returns Current result or `undefined` if not available.
+ */
+export function useAsyncMemo<T>(factory: () => Promise<T>, deps: DependencyList): T | undefined {
+  const [result, setResult] = useState<T | undefined>(undefined)
+
+  useEffect(() => {
+    factory().then((newResult) => {
+      if (newResult !== result) {
+        setResult(newResult)
+      }
+    })
+  }, [...deps, factory, result])
+
+  return result
+}
diff --git a/src/hooks/useSignerAddress.ts b/src/hooks/useSignerAddress.ts
index b24bedf..fb5d264 100644
--- a/src/hooks/useSignerAddress.ts
+++ b/src/hooks/useSignerAddress.ts
@@ -1,7 +1,7 @@
-import { useEffect, useState } from 'react'
 import type { Address } from 'viem'
 import { ConfigParam, SafeConfigWithSigner } from '@/types/index.js'
 import { useSignerClient } from '@/hooks/useSignerClient.js'
+import { useAsyncMemo } from '@/hooks/helpers/useAsyncMemo.js'
 
 export type UseSignerAddressParams = ConfigParam<SafeConfigWithSigner>
 export type UseSignerAddressReturnType = Address | undefined
@@ -14,15 +14,12 @@ export type UseSignerAddressReturnType = Address | undefined
  */
 export function useSignerAddress(params: UseSignerAddressParams = {}): UseSignerAddressReturnType {
   const signerClient = useSignerClient({ config: params.config })
-  const [signerAddress, setSignerAddress] = useState<UseSignerAddressReturnType>()
 
-  useEffect(() => {
-    if (signerClient) {
-      signerClient?.protocolKit.getSafeProvider().getSignerAddress().then(setSignerAddress)
-    } else {
-      setSignerAddress(undefined)
-    }
-  }, [signerClient])
+  const signerAddress = useAsyncMemo(
+    async () =>
+      signerClient ? signerClient.protocolKit.getSafeProvider().getSignerAddress() : undefined,
+    [signerClient]
+  )
 
   return signerAddress
 }