VENTURES AFRICA – Kenya-based CfC Stanbic Bank, has reported an increase of 36.5 percent in pretax profit, valued at 1.78 billion shillings ($20 million) for the first half of the year.
The bank also recorded a 39.3 percent rise in total income amounting to 6.64 billion shillings ($80 million) for the first six months to 30 June.
However, the financial institution which is a member of Standard Bank Group did not give any reason for the increase.
Last year, the bank’s share value surged from 2.82 shillings to 4.43 shillings.
CfC Stanbic Bank is a subsidiary of Standard Bank Group, a pan-African bank based in South Africa with operations in 17 countries.