Housing Finance Records 73 Percent Drop in Net Profits

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Housing Finance has recorded a drop profits after tax by 73 percent as they released their Quarter 1 financial results for 2017.

The company realized 327.42 million shillings at the same period in 2016 which has now dropped to 88.34 million shillings.

In a statement, the company attributed the massive drop in profits to a 20.4% drop in Net Interest Income from 1 billion shillings in Q1 2016 to 797.6 million shillings in Q1 2017. During the same period, deposits from their customers dropped marginally from 41 billion shillings to 38.3 billion shillings. This was coupled with a reduction in operating income from 4.69 billion shillings to 970.5 million shillings.

The shareholders are yet to comment on the results.

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