A CFC Stanbic Bank branch. [Photo/businessdaily]

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Stanbic Bank has announced a 19 percent increase in net profit for third quarter ending 30th September 2017  despite a significant drop in interest income.

Financial statements sent to Nairobi Securities Exchange (NSE) earlier today show net earnings for the Kenyan subsidiary of South Africa’s Standards Bank Plc jumped to sh3.2 billion from Sh2.69 billion a similar period last year.

Interest income from lending activities and government securities dropped 7.34 percent to Sh12.2 billion compared to Sh13.16 last year.

The statement shows that profitability was driven by surprising 46.6 percent increase in income from other fees and commissions which grew to Sh2.46 billion from Sh1.68 billion last year.

Forex trading income also grew 2 percent to Sh2.139 billion from Sh2.077 billion.