CfC Stanbic, Holdings, a member of the Standard Bank Group, saw a profit increase of 11% to KShs 5.69 billion, after tax for the year ending 31 December 2014.
Speaking at an investors' briefing in Nairobi, Mike Blades, CfC Stanbic Bank's Executive for Corporate and Investment Banking in East Africa, said the growth was mainly attributable to the improved performance of the Kenya banking business. The stock brokerage business was partly offset by a decline in revenues in the South Sudan Branch operations.
Our focus on delivering value to our customers helped strengthen our underlying business and our results. Our growth was high-quality, propelled and fuelled by key businesses we have been emphasising in recent years.
Net interest income increased year on year by 12% as a result of a 28% growth in customer loans and advances.
The 15% increase in net fees and commission income was mainly attributed to increased transactional volumes from a growing customer base and successful closure of key Investment Banking deals. Trading income declined by a similar margin, mainly driven by lower income from structured products and decreased margins on foreign exchange.
"There was an improvement in the quality of the lending book driven by improved collections and proactive management of the portfolio mix", Mike explained.
The cost to income ratio reduced to 50.2% from 50.7% in 2013 reflecting various productivity gains realised from investments made in previous years.
Standard Bank Group's 2014 Result's announcement will be taking place on Thursday 5 March 2014. For more information on the Group's performance in 2014, visit reporting.standardbank.com.
For more information please contact:
Willis Angira | Communications Manager | CfC Stanbic Bank Ltd | 2nd Floor, Purshottam Building |Chiromo Road, Nairobi, Kenya | Tel: +254 (700) 304 024 | Fax: +254 (20) 310601 | Email: firstname.lastname@example.org |
About CfC Stanbic Holdings Limited
CfC Stanbic Holdings Limited ("the Group") is a subsidiary of Stanbic Africa Holdings Limited ("SAHL"), which is in turn owned by Standard Bank Group Limited ("the Group"), Africa's leading banking and financial services group.
CfC Stanbic Holdings Limited owns 100% of CfC Stanbic Bank Limited and 100% of SBG Securities Limited (formerly CfC Stanbic Financial Services Limited).
CfC Stanbic Bank is Kenya's sixth largest commercial bank as measured by total assets. CfC Stanbic Bank is licenced and regulated by Central Bank of Kenya.
SBG Securities (formerly CfC Stanbic Financial Services Limited) principal activities are provision of financial, advisory and stock broking services. The company is licensed by the Capital Markets Authority as an Investment Bank. The company rebranded from CfC Stanbic Financial Services to SBG Securities Limited in August 2013.
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