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HF Group Posts Ksh77.3M Profit In Q3 Of 2022

Editor SharpDaily by Editor SharpDaily
November 29, 2022
in News
Reading Time: 2 mins read
HF Group

HF Group has posted a profit before tax of Ksh77.3 million for the first nine months of 2022 compared to a loss of Ksh525.4 million during a similar period in 2021.

The Group’s interest income grew by Ksh202 million while interest expense grew by Ksh10.6 million. The varying growth in interest income and interest expense reflects a balance sheet facelift that has witnessed liabilities reorganization to reduce the expensive funding. Total deposits grew by Ksh1.2 billion.

A revamp in the assets and liabilities management plan saw interest-earning assets grow by Ksh3.4 billion while the average yield on these assets also improved year on year to 10.0% from 9.4% in September 2021.

“Our business transformation strategy remains on track, with positive delivery in all areas.  We have put in place an aggressive non-performing loans resolution that saw this reduce by 6% within a year, paving way for an asset re-allocation phase to support our growth in interest-earning assets and yields,” said HF Group CEO Robert Kibaara.

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The Group’s new full-service banking model saw non-interest income and income from non-bank subsidiaries increase by Ksh300 million.

Foreign exchange income shored up by 40% underscoring the business’s new grip on the SME market.

The Group’s property development subsidiary grew its revenue by Ksh263 million supported by growth in project management fees and commissions.

“A new revenue frontier in project management has already taken shape,” said Kibaara.

All the subsidiaries remained profitable year to date with the insurance agency subsidiary posting a 43% growth in profit before tax.

“This performance, together with our focus on building on our efficiency, expanded synergies and robust cost control, will put the Group in a stronger position,” Kibaara added.

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