CFC Stanbic first-half pretax profit down 34 pc

Financial group CFC Stanbic Holdings pre-tax profit for first-half 2015 fell 34 per cent to Sh2.87 billion for the period ending June 30, 2015. The profit before tax dipped by Sh1.46 billion from Sh4.33 billion reported in the same period of last year.

The bank attributed the drop to a decrease in trading income driven by rise in yields due to heavy mopping up of liquidity leading to low trading activity in Kenya and a decrease in revenue in the bank's South Sudan operations. Effects of political unrest also continued to impact the South Sudan economy.