(Last Updated On: October 29, 2015)
Housing Finance, Kenya’s leading mortgage bank, reported a 9.6% growth in net profit for the nine months to September. Net profit stood at Ksh777 million thanks to increased lending.
Loans and advances increased to Ksh51.7 billion up from Ksh43.2 billion in 2014. Customer deposits increased to Ksh37.5 billion up from Ksh33.1 billion. Non performing loans decreased to Ksh4 billion down from Ksh4.3 billion.
Rights issue conducted earlier this year had boosted the capital base by Ksh3.5 billion and the total now stands at Ksh7.9 billion.
The property development subsidiary has developed the first phase of the housing projected called Komarock Heights which consists of 480 apartments. In the 4th quarter, construction of 4 housing projects in Nairobi will begin and it will have 1664 apartments.