Corporate banking involves big ticket lending to large companies and HNI, not interbank lending. However, if this substantial growth in Non Interest Revenue is attributable to their fx trading desk, then it'll be congrats from me with a Q on how sustainable it is .... any link to the said banks financials?

Prior to 11 April 2011, CSH (CfC Stanbic Holdings Limited) was the holding company of the following main entities: CfC Stanbic Bank Limited (100%); CfC Life Assurance Company Limited (100%); The Heritage Insurance Company Limited (64%); and CfC Financial Services
Limited (100%).

In 2009, CSH began restructuring its group corporate structure including the demerger of the Insurance Businesses into CfC Insurance Holdings Limited (CfCIH) (the “Restructuring and Demerger”). The Restructuring and Demerger exercise was completed on 21 April 2011 with the listing of CfCIH on the NSE. The consequence of the Restructuring and Demerger was to consolidate the Insurance Businesses under one holding company, CfCIH and to list CfCIH on the Nairobi Securities Exchange separately from CSH. The Banking and Financial Services Businesses were retained in CSH and remain the core business of CSH.

The Restructuring and Demerger occurred in five main stages. As at 31 December 2010, the first four stages had been completed and the consolidated financial statements of CSH at that date reflected the Restructuring and Demerger up to that stage.

The last stage of the Restructuring and Demerger was completed in April 2011 when CfCIH was listed on the Nairobi Securities Exchange. This last stage involved CfCIH being demerged from CSH through a distribution as dividend in specie to CSH’s shareholders of the entire shareholding of CSH in CfCIH.

Full details of the Restructuring and Demerger are set out in the Demerger Circular which is listed in Section 12.7 as a document available for inspection at the Registered Office of CSH.

(Source: CSH IM)

In short, one can't tell CFCIH performance via CSH results

Thanks for the candid explanation.Appreciated.

any dividend payment? when is book closure?

sbg securities on 05.03.2013 >>> CfC is expected to hold its investor presentation on Thursday 7th March 2013. As such, we seek guidance from the bank regarding the numbers. We see little room for reviewing our numbers at this stage. On our estimates, CfC (HOLD, TP Ksh53) trades at FY13E P/E of 5.3x and P/B of 0.9x. Relative average valuations of the Kenyan banks is 7.3x and 1.7x for the FY13E P/E and P/BV, respectively (our estimates).