HF Group reports Sh 652 million loss, NPLs up 56%

In 2018 earnings, Housing Finance reported pre-tax losses of KSh652 million from KSh334 million pre-tax profits made in the same period 2017. The company’s interest income declined by 15% to KSh6 billion while non-interest income declined by 2 per cent to Sh1.32 billion.

The lender’s loan book declined by 12 per cent to Sh43 billion worth of loans and advances. Customer deposits fell from KSh37 billion to KSh35 billion.

The value of the firm’s total assets fell by 10 per cent to KSh60.5 billion while liabilities declined by 11 percent to reach KSh50.2 billion. Itsnon–performingloans increased by 56 per cent to KSh10.8 billion.

Given the poor results in the financial year 2018, the company’s directors do not recommend any dividend payments.

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