Shelter Afrique’s loan impairment charges — provisions for credit which may not be recovered in full — jumped 173.63 per cent in the half year period to $5.6 (about Sh578.7 million) from $2 million (about Sh211.5 million) in a similar period last year.
Shelter Afrique turned to the 44 Shelter Afrique member states who are its shareholders late last year for Sh9.2 billion to steady its finances after a year of turbulence.
It said it had received $45 million (about Sh4.6 billion) from its shareholders.
Troubled mortgage lender Shelter Afrique has reported a $2.16 million (about Sh223.5 million) net loss for the six months ended June, compared to a net profit of $1.65 (about Sh171 million) in the same period a year ago on the back of increased provisions for bad loans.
Shelter Afrique’s loan impairment charges — provisions for credit which may not be recovered in full — jumped 173.63 per cent in the half year period to $5.6 (about Sh578.7 million) from $2 million (about Sh211.5 million) in a similar period last year.
The housing financier’s loan book dropped by 6.96 per cent in the six month period to June to $263.4 million (Sh27.2 billion) from $283.1 million (Sh29.2 billion).
Net interest income rose 19.12 per cent to $8.12 million (Sh839.1 million) from $6.81 million (Sh704.4 million), the lender said.
The company — owned by 44 African governments and the African Development Bank, said total assets reduced 3.48 per cent to $324.79 million (Sh33.55 billion).
Shelter Afrique turned to the 44 Shelter Afrique member states who are its shareholders late last year for Sh9.2 billion to steady its finances after a year of turbulence.
It said it had received $45 million (about Sh4.6 billion) from its shareholders.
“The company continues to enjoy strong support from its shareholders who have so far injected up to Sh4.5 billion of new equity capital into the company,” said managing director Femi Adewole.
Mr Adewole said the agency, which has listed a Sh5 billion bond on the Nairobi bourse, asked the global rating agency Moody’s in July to withdraw its Caa1 credit rating as it is not “useful” for it at present.
“The rationale was that the service is more useful to Shelter Afrique when the ongoing turnaround actions to better position the company as the leading provider of affordable housing financing is completed,” he said.
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