Housing Finance bounces back with Sh34m profit

Housing Finance (HF) Group posted a Sh34.2 million net profit in the first quarter of this year, bouncing back from a loss of Sh191.8 million in a similar period last year.

The profit was on the back of growth in non-funded income — fees and commissions — which grew 87 per cent to Sh252.7 million.

Net interest income also rose 10 per cent to hit Sh520.1 million, while total operating income grew by 27 per cent to Sh772.8 million.  

The listed financial solutions provider has been implementing a business transformation strategy that has seen it enhance its focus on growing its SME and retail banking and tighten cost and non-performing loans management measures.

HF Group Chief Executive Robert Kibaara (pictured, centre) said despite the complex impact of the Covid-19 pandemic, the strategy was paying off, and performance was moving in the right direction. “Our strategy must remain adaptive, particularly in relation to the needs of our customer base, our product and service offering and our capacity to manage future disruption risks," he said.

All the group’s operating subsidiaries record a profit during the period under review.