(Last Updated On: May 24, 2015)
CFC Stanbic reported a 28% drop in after tax profits for the three months to March 2015. Net profit for Q1 stood at Ksh1.1 billion as compared to Ksh1.6 billion the previous year.
The lender says the decline is mainly due to poor performance by its South Sudan branch. Income from fees and commissions had dropped by Ksh1.3 billion mainly due to lower income from foreign currency trading. This had gone down from Ksh1.1 billion to Ksh536 million. Operating expenses dropped by Ksh600 million .
Customer loans and advances went up by Ksh2 billion to Ksh90 billion and deposits rose to Ksh105 billion from Ksh96 billion.