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CFC Stanbic posts 34 pct rise in profit

08 August 2014, 19:21

Nairobi - Kenyan financial group CFC Stanbic Holdings Ltd. posted a 34 percent rise in pretax profit to 4.3 billion shillings ($49 million) for the first six months of the year, citing a jump in net interest income.

Banks in east Africa's biggest economy have reported strong earnings so far in 2014, buoyed by growth in lending.

CFC Stanbic, which is controlled by South Africa's Standard Group, said on Friday net interest income increased 19 percent to 4.3 billion shillings. It operates CFC Stanbic Bank and a financial services firm.

Earnings per share rose to 8.49 shillings from 5.57 shillings in the same period a year ago.

The results were issued after the market had closed. The company's shares had ended the session unchanged at 127 shillings.

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- Reuters

Tags business

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