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Kenya

CfC Stanbic in Sh432m profit

NAIROBI, August 31 – CfC Stanbic holdings has announced a profit after tax of Sh432 million for the first half of the year.

The financial results indicate that consolidated operating income of Sh 4.501 billion with consolidated assets of the conglomerate increasing to Sh105.8 billion following the recently concluded merger of CFC Bank Limited (since renamed CfC Stanbic Holdings Limited) and Stanbic Bank Kenya Limited (since renamed CfC Stanbic Bank Limited).
 
“As the merger transaction was completed as at close of business on May 31 2008, the financial results do not include the performance of Stanbic Bank Kenya Limited for the first five months of this year,” a statement from the bank indicated.

 Accordingly, the consolidated income statement incorporates the financial results for the former CfC Bank Limited (Group) for five months up to May 31 and the results for CfC Stanbic Holdings Limited (post merger) for the month of June 2008.

The prior period comparatives are for the former CfC Bank Limited (Group) only.

“Going forward, the full benefit of the synergies will be realised, sooner than later as the Group businesses coordinate their strategies and refocus their energies to develop and market new products and services to be offered to a broader client base,”  the Group CEO, Madabhushi Soundararajan said.

“The scale and size of the conglomerate is vast and ultimately all stakeholders should benefit from the value proposition from a strong and diversified business platform.”

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