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HF Group’s Profits After Tax Spike By 105%

BY Soko Directory Team · November 29, 2024 05:11 am

KEY POINTS

Net interest margin was largely preserved closing at 5.4 percent compared to 5.5 percent the previous year despite the high-interest rate pressure on customer deposits and CBR growth from 10.5 percent Sep-23 to 12.75 percent in Sep-24.

KEY TAKEAWAYS

None-performing loan collections as of Sep-24 YTD were at 600 million shillings with a further 3 billion shillings committed for recovery to year-end. Profit After Tax increased by 105 percent year on year to close at 483 million shillings.

As 2024 snails towards the end, HF Group has announced crazy profits with their profits after tax increasing by 105 percent, hitting 483 million shillings, a 247 million shillings rise as compared to the previous period.

“Year to date, our short-term plan has taken off well with each of the three active subsidiaries closing on a positive note with each registering a positive PBT in Q3-24. We have delivered a successful year so far,” said HF Group in a statement to the media.

During the period, total customer deposits registered a year-on-year growth of 1.2 billion shillings while total assets registered a year-on-year growth of 4.9 billion shillings.

At the same time, net interest margin was largely preserved closing at 5.4 percent compared to 5.5 percent the previous year despite the high-interest rate pressure on customer deposits and CBR growth from 10.5 percent Sep-23 to 12.75 percent in Sep-24.

Read Also: Housing Finance Introduces First WhatsApp Banking in Africa

According to HF Group, interest income on government securities recorded a year-on-year growth of 273 million shillings, closing the period at 33 percent. Non-Funded Income year-on-year realized a growth of 98 million shillings, an 11 percent increase.

What is more, total Interest Income year-on-year growth of 874 million shillings. NFI to total income ratio came in at 34 percent, demonstrating the Bank’s ability to offset reliance on interest income through non-funded revenue streams.

None-performing loan collections as of Sep-24 YTD were at 600 million shillings with a further 3 billion shillings committed for recovery to year-end. Profit After Tax increased by 105 percent year on year to close at 483 million shillings.

“We continue to keep a vigilant eye on operating expenses to ensure they remain within budget by implementing robust cost management practices, optimizing resource allocation, mitigating risks in addition to monitoring our macro-economic environment to ensure our ‘profitability flight path’ remains on course,” the brand added.

Read Also: Why Every Kenyan Must Invest In Housing Finance: A Rare Golden Opportunity

Soko Directory is a Financial and Markets digital portal that tracks brands, listed firms on the NSE, SMEs and trend setters in the markets eco-system. Find us on Facebook: facebook.com/SokoDirectory and on Twitter: twitter.com/SokoDirectory

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