Corporate News
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 |
NATION MEDIA GROUP
By GEORGE NGIGI
In Summary
- 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.
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