Housing Finance after-tax profit hits Sh1.1bn on higher lending
Housing Finance Managing Director Frank Ireri at a past investor briefing. FILE PHOTO | SALATON NJAU |
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The performance saw the company declare a final dividend of Sh0.65 per share, adding to the interim dividend of a similar amount.
The firm also benefitted from reduced loan loss provisions and other income lines including property sales and commissions.
Listed mortgage financier Housing Finance (HF) recorded a 22.7 per cent growth in net profit for the year ended December on the back of increased lending.
The lender’s net profit in the period stood at Sh1.1 billion compared to Sh975.3 million the year before.
The performance saw the company declare a final dividend of Sh0.65 per share, adding to the interim dividend of a similar amount and bringing the total payout to Sh1.3 per share.
“Despite last year having been a challenging one, we have been able to get a good return. The growth in profitability is mainly due to our diversified banking, property development and insurance strategy,” HF’s chief executive Frank Ireri said.
The company’s loan book expanded by Sh7.7 billion to Sh53 billion, helping to raise its total interest income 27 per cent to Sh8 billion.
HF also benefitted from reduced loan loss provisions and other income lines including property sales and commissions.
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