× Business BUSINESS MOTORING SHIPPING & LOGISTICS DR PESA FINANCIAL STANDARD Digital News Videos Health & Science Lifestyle Opinion Education Columnists Moi Cabinets Arts & Culture Fact Check Podcasts E-Paper Lifestyle & Entertainment Nairobian Entertainment Eve Woman Travelog TV Stations KTN Home KTN News BTV KTN Farmers TV Radio Stations Radio Maisha Spice FM Vybez Radio Enterprise VAS E-Learning Digger Classified Jobs Games Crosswords Sudoku The Standard Group Corporate Contact Us Rate Card Vacancies DCX O.M Portal Corporate Email RMS
×

Housing Finance jumps into Sh1.7billion loss in 2020

WORK LIFE
By Dominic Omondi | March 31st 2021
Housing Finance Corporation Headquarters in Nairobi

NAIROBI, KENYA: Housing Finance Corporation (HFC) net loss widened to Sh1.7 billion in the year ending 2020, a jaw-dropping increase of 1,450 per cent.

In the previous year, the mortgage lender made a loss after tax of Sh110 million in 2019.

This follows a tough operating environment for the listed lender that saw its revenues decline even as its expenses increased.

The lender’s revenue fell by a third from Sh3.37 billion to Sh2.38 billion. On the other hand, its expenses rose by 15 per cent from Sh3.51 billion to Sh4.05 billion.

Housing Finance, which has in the recent period been stuck in the red, saws its woes aggravated by the Covid-19 pandemic which negatively affected the real estate sector.

Share this story
Kenya Airways resumes international flights
The first international flights will be to London, Dubai, Addis Ababa, Kigali, Dar es Salaam and Lusaka.
Absa Bank net profit for 3 months up 24pc
The performance was mainly driven by growth in interest income, particularly in the small and medium enterprises.
.
RECOMMENDED NEWS
Feedback