Kenya’s CFC Stanbic Holdings posted a 64 percent rise in its pretax profit to 4.59 billion shillings ($53.36 million) last year, maintaining the trend of banks reaping from the region’s fast-growing financial services sector.
The operator of a bank and a financial services firm, which is controlled by South Africa’s Standard Bank, said its non-interest income – its share of income separate from lending like commissions on forex trading – rose to 7.55 billion shillings from 4.76 billion in the previous period.
It did not provide a reason for the revenue gain. Earnings per share from continuing operations rose to 9.90 shillings from 5.99 shillings in the year-ago period.
Lenders in the east African nation of 40 million people have often been sought out by foreign investors because their profits have stayed ahead of economic growth in recent years.
The banks’ growth has been driven by recruitment of new customers into the financial system as well as growing trade among the five nation East African Community common market. ($1 = 86.0250 Kenyan shillings)