Customers at a CFC Stanbic Bank hall in Nairobi. CFC Stanbic Holdings Ltd has announced a 10.9 per cent increase in net profit for the full year ended 2014. PHOTO | FILE |
What you need to know:
CFC Stanbic is majority owned by South African Standard Bank with a 60 per cent stake and is ranked among the six biggest banks in the country.
CFC Stanbic Holdings Ltd has announced a 10.9 per cent increase in net profit for the full year ended 2014 driven by higher interest income.
The holding company which operates CFC Stanbic and brokerage outfit SBG Securities reported a profit after tax of Sh5.6 billion compared to Sh5.1 billion a year earlier.
Its banking business, CFC Stanbic, recorded a net profit of Sh5.4 billion up from Sh4.9 billion. The growth was attributable to an 11.6 per cent increase in interest income after it grew its loan book to Sh88.3 billion from Sh69.1 billion. Customer savings with the bank rose marginally to Sh96.8 billion from Sh95.7 billion.
The stockbrokerage recorded a 26 per cent profit growth to Sh237 million from Sh188 million in 2013. Profit growth was largely driven by higher brokerage commission attributable to increased investor trading.
SBG Securities also recorded capital gains from sale of investments of Sh54.9 million compared to Sh32.4 million a year earlier.
