Business News
CFC Stanbic profit up 1.5 p.c.
CFC Stanbic Bank in Nairobi. Photo/FILE
Posted Thursday, March 18 2010 at 12:53
Kenya's CFC Stanbic Bank will not issue a dividend for 2009 after posting marginal growth in pretax profit to Sh1.33 billion ($17.3 million) from Sh1.31 billion in 2008.
Majority held by South Africa's Standard Bank, CFC Stanbic said total interest income rose to Sh6.18 billion last year from Sh5.05 billion previously.
Earnings per share weakened to Sh6.51 from 7.31 per cent in 2008 and the bank did not issue a dividend after paying Sh1.18 per share a year earlier.
Net loans and advances to customers rose 1.7 per cent to Sh44.98 billion, according the results published in a local newspaper on Thursday.
Total operating expenses jumped to Sh5.05 billion from Sh3.30 billion a year earlier.
CFC Stanbic's pretax profit rise is one of the lowest among Kenyan banks that have reported full-year results.
Standard Chartered Bank's was the biggest with pretax profit jum.
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Submitted by M_OltetiaPosted March 19, 2010 08:01 AM
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You cannot compare the rise in CFC Stanbic to other banks. It has infact achieved the greastest growth copared to other banks on the basis of network and number of clients. If you do your analysis based on No of clients, branches, employees, accounts...... whichever way stanbic still has achieved the highest percentage profits. You are therefore operating on a Null HYPOTHESIS