Pedestrians walk past a CFC Stanbic Bank branch in Nairobi. The bank almost doubled its net profit for the first half to Sh2.19 billion compared to Sh1.2 billion a year earlier, making it the fastest growing bank among top tier lenders. FILE
CFC Stanbic Bank almost doubled its net profit for the first half to Sh2.19 billion compared to Sh1.2 billion a year earlier, making it the fastest growing bank among top tier lenders.
The bank benefited from a low deposit regime that saw interest paid on savings dip by more than half to Sh1.4 billion after the CBK cut the policy rate to 8.5 per cent.
This has seen CFC Stanbic, controlled by South Africa’s Standard Group; pay a Sh1.47 interim dividend for the first time in two years.
Its deposit base remained flat at Sh83 billion while its loan decreased marginally to Sh63 billion from Sh65 billion in June last year.
CFC Stanbic’s volume of bad loans shrank by a third to Sh319 million, defying an industry-wide trend which saw total non-performing loans increase by 10 per cent as at the end of June.
The lender in June 2012 opened shop in South Sudan and broke even within the first year – in a race to get a piece of a market that has proven to be the most lucrative for Kenyan banks.
CFC Stanbic was quoted at Sh73.00 on Monday 0700 GMT; up 5.80 per cent or Sh4.00 compared to last week’s average closing price at the Nairobi bourse.
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