CFC Stanbic has recorded a 33.6 per cent drop in profits after tax for the nine months to September following a decline in non-interest income.
The bank posted a Sh2.7 billion after tax profit as at end of September compared to Sh4.1 billion in a similar period last year.
CFC, which operates a branch in South Sudan, had Sh4.8 billion in non-interest income down from Sh6.2 billion.

CFC’s loan book expanded by Sh18 billion to Sh104 billion leading to a 20.9 per cent increase in interest income to Sh8.6 billion.

Its deposit base increased by a similar margin Sh14 billion to Sh113 billion. Interest expenses grew at a faster pace, 68 per cent, underlining the recent rise in the cost of cash.

CfC’s chief executive Kitili Mbathi resigned Friday and has been replaced on a temporary basis by Greg Brackenridge, currently the CEO of the company’s subsidiary CfC Stanbic Bank.

Mr Mbathi had held the position for eight years.

“The board of CfC Stanbic Holdings Limited hereby gives notice of the resignation of Mr Kitili Mbathi as the chief executive … effective this day January 29, 2016,” the company said in a statement.

CfC did not say why Mr Kitili resigned.

At this rate,it might go back to sub 40 n Panafric to sub 20

these two stocks made me good money during last bull, i boarded at around 60s,
i will start boarding cfc at any price below 60 and panafrica at any price below 30
because of bonus dilution,i believe the two will make investors money when bulls returns

Cfc up almost 6% today to 84/=. Seems the ones waiting for it at 60/= and 40/= will be waiting for it for a looooong time!!!

This bad news was factored into the price a long time ago and that is why it took one hell of a beating. It seems the news is not as bad as the investors expected.

At this rate,it might go back to sub 40 n Panafric to sub 20

Kwani he was thrown under the mbus, he didnot even give notice for such a high profile position!!!