Housing Finance posts 33.9pc growth in net profit

Housing Finance Managing Director Frank Ireri. HF posted a 33.9 per cent rise in full-year net profit 2013 of Sh995.2 million. Photo/SALATON NJAU
Housing Finance Managing Director Frank Ireri at an investor briefing February 19, 2012 to announce the firm's full year results. HF posted a 33.9 per cent rise in net profit of Sh995.2 million. Photo/SALATON NJAU  Nation Media Group

Housing Finance (HF) has reported a 33.9 per cent rise in full year profits attributable to contribution from its subsidiaries.

The mortgage lender posted an after-tax profit of Sh995.2 million up from Sh743.3 million in 2012.

The group subsidiaries, Kenya Building Society and Housing Finance Insurance Agency, contributed 18 per cent to its profit before tax compared to less than one per cent in 2012 when they were formed.

HF will pay a dividend of Sh1.75 per share up from Sh1.40.

The lender's loan book grew to Sh35.2 billion up from Sh30.3 billion resulting in a seven per cent increase in interest income to Sh5.4 billion.

Customer deposits increased by Sh3.6 billion to Sh26.5 but drop in saving rates saw the interest expenses decline to Sh2.9 billion from Sh3.1 billion.