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UPDATE 1-Kenya's Stanbic Holdings 2016 pretax profit drops, impairment costs up
February 24, 2017 / 5:39 AM / 10 months ago

UPDATE 1-Kenya's Stanbic Holdings 2016 pretax profit drops, impairment costs up

(Adds details, background)

NAIROBI, Feb 24 (Reuters) - Kenya’s Stanbic Holdings said on Friday its 2016 pretax profit fell, partly due to an increase in impairment costs on credit.

The group - formerly known as CFC Stanbic Holdings - which operates Stanbic Bank and a financial services firm, said in a statement that pretax profit fell to 6.05 billion shillings ($58.51 million) last year from 7.36 billion shillings in 2015.

Total income rose to 18.52 billion shillings from 16.94 billion shillings a year before, while net interest income rose to 10.86 billion shillings from 9.30 billion shillings.

It said credit impairment costs jumped to 1.75 billion shillings from 907.31 million shillings in 2015, while earnings per share fell to 11.18 shillings from 12.41 shillings in 2015. ($1 = 103.4000 Kenyan shillings) (Reporting by George Obulutsa; editing by Elias Biryabarema and Biju Dwarakanath)

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