POSTS KSh 84.6 MILLION LOSS

[ad_1] Mortgage lender Housing Finance Group has cut its net losses to KSh 84.6 Million in the third quarter of this financial year compared to a net loss of KSh 332 million in a similar period in 2018.

Customer deposits remained flat at KSh 34.7 billion compared to KSh 34.6 billion while Total Interest Income fell to KSh 4.1 billion from KSh 4.6 billion at the end of Q3, 2018. Interest on loans and advances declined from KSh 4.4 billion to KSh 3.8 billion.

HF Group Balance Sheet grew in size from KSh 54.4 billion to KSh 57.4 billion at the end of the nine months period of this financial year. The amount of borrowed funds also remained flat at 9.9 billion.

Provision for loan loss remained at KSh 587.4 million while staff costs declined to KSh 652.4 Million in the nine months of this year compared to KSh 771.9 Million last year.

HF Group is listed on the Nairobi Securities Exchange (NSE) and has four operational subsidiaries namely HFC Limited – licensed to carry out the business of mortgage finance as well as banking services.

It also has HF Development and Investment Limited – (formerly known as Kenya Building Society Limited) that undertakes real estate development.

HF Insurance Agency Limited is the subsidiary that offers Bancassurance solutions while HF Foundation Limited is the Group’s social investment arm

In August 2015 the Company received approval from the Central Bank of Kenya (CBK) to establish a non-operating holding company and rebranded from Housing Finance to HF Group Limited.

The banking and mortgage business was transferred to HFC Limited, while the Kenya Building Society rebranded to HF Development and Investment Limited. [ad_2] Source link