Expectations were atleast 40% growth in PBT.
Now 9% is below average. It should have done better than that.

Aly-Khan Satchu's conclusions:

Actually, I met Greg Breckenbridge just as he left the Office and he mentioned that South Sudan crimped Full Year Earnings.
Single Digit P/E - evidently played a defensive game in some ways in 2014 going by the Balance sheet which closed the Year +0.2698% Year on Year.
Lots of bench strength and I think it remains an attractive share.

@ike
Equity and coop bank wako huko wote

Our Overview

South Sudan business impacted the general performance,
despite a 9 percent contribution in the overall business. This remains a key risk for the business.

 Competition within the Kenyan Banking sector has weighed down on growth for CFC Stanbic in 2014. We expect a more stable performance in Q1 2015, hinged on improved efficiencies and cost management.

 We remain bullish on the Personal Business Banking line, where we expect faster growth in both interest and non-interest income lines, while keeping operating expenses low.

 The bank’s topline remains very attractive, with a well diversified book in funded and non-funded income. We however expect a further acceleration in growth of the non-interest income driven by increased use of the mobile and internet banking platforms and the introduction of bancassurance agency.

 Up to four new branches are set to be opened in Nairobi and Kenyan coast region. This will further widen the personal and business banking customer base.

how comes cfc is unable to attract deposits, deposits barely grew. KCB grew them almost 20%