Housing Finance Group

HF Group Posts 86% drop in Net Earnings, Cuts Dividend by 30%, Issues Bonus

Housing Finance Group has reported its financial results for the full year financial period ended December 2017.

* Total interest income declined by 17% to Sh 7.1 Billion as non-interest income grew by 78% to Sh 1.3 Billion.

*  Total operating expenses grew by 19% to Sh 4.0 Billion as interest expense declined by 11% to Sh 4.2 Billion.

* Profit before tax fell by 75% to Sh 334 Million while net profit fell by 86% to Sh 126 Million.

* The bank’s investment in government paper was up significantly by 333% to Sh 2.3 Billion

* Net loans and advances to customers declined by 9% to Sh 50 Billion while customer deposits declined slightly by 4% to Sh 36.7 Billion.

* Gross non performing loans increased by 33% to Sh 8.2 Billion.

* The lender declared a dividend of Sh 0.35 per share, which is down by 30% compared to the previous year.

* The board also declared a bonus of 1 share for every 10 held and books for the same close on 27th April 2018.

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