CFC Stanbic posts Sh5.6b net profit on higher interest income

Kenya: CFC Stanbic Holdings Ltd has announced a 10.9 per cent increase in net profit for the full year ended 2014 driven by higher interest income.

CFC Stanbic Holdings, which operates a bank, CFC Stanbic Bank and a financial services firm in Kenya, reported a profit after tax of Sh5.6 billion compared to Sh5.1 billion a year earlier.

 Its banking business, CFC Stanbic, recorded a net profit of Sh5.4 billion. Net interest income increased to Sh8.46 billion last year from Sh7.54 billion in 2013, it said in a statement.

The company, which is controlled by South Africa's Standard Bank, said earnings per share from continuing operations grew to Sh14.38 from Sh12.97 in the previous period. It plans to pay a total dividend of 5.20 per share, up from Sh2.15 in 2013