I terminated my 3 year investment in CFC stanbic in early 2009 but pleasantly surprized to find an annual report in my mail today, apparently I still have 40 something shares left unsold. Noticed 3 things about CFC in the annual reports over the last few years.
(1) The accounting methods and policies have become somewhat confusing/complicated. It's hard to compare results every year considering there is always some new perplexing thing
(2) Since 2008 they've conspiciously left out one ratio - core capital to deposit liabilities. Wud have shown ~8.15% for both 2008 and 2009. How is tha bank to grow its deposit base?
(3) Finally free float for this bank hasn't really improved much, prob at 10% still, I'd say about 15m shares pre-merger and 25m post, seems quite illiquid to me.
“We are the middle children of history man, no purpose or place. We have no great war, no great depression. Our great war is a spiritual war, our great depression is our lives!" – Tyler Durden