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Kenya's HF Group Plc has expressed optimism of returning to profitability by the end of this financial year after registering significant performance improvement, cutting its losses by more than half a billion shillings. The mortgage lender recorded a half-year pre-tax loss of Ksh94.314 million, compared to a loss of Ksh642.74 million for the year ended 31 December 2018.The reduction was driven by aggressive collection strategies including the property sales campaign dubbed “Shika Nyumba na HF Reloaded.”

Kenya’s Housing Finance cuts losses by $50 million this year

Kenya

Kenya’s HF Group Plc has expressed optimism of returning to profitability by the end of this financial year after registering significant performance improvement, cutting its losses by more than half a billion shillings.

The mortgage lender recorded a half-year pre-tax loss of Ksh94.314 million, compared to a loss of Ksh642.74 million for the year ended 31 December 2018. 

The Group’s total interest expenses reduced by 9.80 per cent to Ksh1.67 billion from Ksh85 billion during a similar period in 2018, on the back of an aggressive retail banking strategy that has seen the business lower the cost of funding.

During the period, the Group’s property development subsidiary, HFDI, managed to offset outstanding debt worth Kes. 1.5 billion.

Non-funded income grew by 56 per cent to Ksh914 million up from Ksh586 million during a similar period in 2018, on account of gains made on sale of assets.

 Managing Non-Performing Loans

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