(Last Updated On: May 14, 2014)
CFC Stanbic has once again beat other banks in terms of growth in profit after reporting a 59 per cent rise in net profit for the first three months of 2014. This was a figure of sh1.6 billion as compared to sh1 billion.
Interest income from the government bonds were the main source of growth for income. It had doubled to sh655.1 million while non-interest income had increased by 42.8 per cent to stand at sh3 billion. Interest income from loans was just sh1.9 billion.
CFC Stanbic’s investment in Treasury securities stands at sh19.2 billion as of March while the loan book hit sh75 billion after a growth of sh6 billion. Forex earnings increased by 34.1 per cent to sh1.1 billion while other income increased by 55 per cent to sh1 billion.