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CFC Stanbic announces a 15% drop in its earnings

3rd March, 2016

CFC Stanbic holdings have reported a 15 percent drop in its earnings with after tax profit of 4.9 billion shillings down from 5.6 billion for the period ended December 2015. The fall in profits is hinged on weak currency exposures to foreign currency translation differences closing off at 1.02 billion shillings compared to 61 million shillings in 2014. Unfavorable business environment in South Sudan and decrease in trading income also played a part in the decline in profits for the tier two bank. The bank’s net interest income increased by 10% to 9.3 billion shillings, boosted by growth in customer loans and advances. Customer loans grew by 19% to 104.9 billion shillings, taking total assets to 208 billion shillings. The group continues to report growth customer deposits up by 10% to 105.7 billion shillings. Going forward CFC Stanbic hopes to generate more income through private commercial banking segments as well as mobile and internet banking platforms.