CFC Stanbic Bank profit rises by 58 per cent

CFC Stanbic Bank posted a 58 per cent increase in pre-tax profit during the nine months ended September to Sh2.4 billion on the back of higher interest income.

Operated by CFC Stanbic Holdings, the bank is ranked among the top five banks in asset terms in Kenya.

During the nine months under review, CFC Stanbic’s bank’s total interest income increased to Sh5.78 billion from Sh4.52 billion in the year-ago period, while non-interest income fell slightly to Sh3.2 billion from Sh3.54 billion.

The holding firm, a unit of South Africa’s Standard Bank, is also planning a rights issue to fund expansion.

—Reuters