(Last Updated On: February 28, 2016)
Mortgage financier Housing Finance Group recorded a major rise in profit of 23% jump to Ksh1.2 billion for the year ended December 31 2015. Managing Director Frank Ireri attributed the rise in profitability to increased interest income and sale of properties by HF Development and Investment.
Interest income grew by 19% to stand at Ksh3.6 billion while non-interest income increased to Ksh1.17 billion which is a 39% jump majorly due to increased house sales during the year.
Loans and advances to customers increased by 17.2% to Ksh53 billion. Gross non-performing loans ratio went down to 7.7% from 9.5% due to continuous collection on NPL accounts.
HF Development and Investment subsidiary was able to build and sell 500 residential units in Komarock 5B, Precious Gardens phase 1, Kahawa Downs. K Mall and is now constructing Komarocj Heights phase 1 which will have 480 residential units.