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.
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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.
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