{"id":66665,"date":"2022-08-30T14:57:01","date_gmt":"2022-08-30T14:57:01","guid":{"rendered":"https:\/\/www.africa-press.net\/kenya\/all-news\/hf-groups-h1-net-profit-up-6-on-diversified-business"},"modified":"2022-08-30T15:18:59","modified_gmt":"2022-08-30T15:18:59","slug":"hf-groups-h1-net-profit-up-6-on-diversified-business","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/kenya\/all-news\/hf-groups-h1-net-profit-up-6-on-diversified-business","title":{"rendered":"HF Group’s H1 net profit up 6% on diversified business"},"content":{"rendered":"

Africa-Press – Kenya. <\/strong><\/span>Listed mortgage and banking firm HF Group has posted a Sh49.88 net profit in the first six months of 2022.<\/p>\n

This is a 5.86 percent growth compared to Sh47.12 million reported over a similar period last year.<\/p>\n

The Group’s gross earning rose to Sh62.3 million in the first half of the year, a 120 percent growth from a loss of Sh318.1 million in a similar period last year.<\/p>\n

Chief executive, Robert Kibaara attributed the improved performance to a turnaround strategy that focused on a diversified business model and robust risk management framework.<\/p>\n

\u201cWe are positive that by focusing on the opportunities brought about by business diversification and maintaining superior customer experience, we will chart new frontiers of business models and continue to deliver sustainable growth in earnings,\u201d said Kibaara.<\/p>\n

Non-Performing Loans portfolio reduced by 11 per cent to Sh8.3 billion.<\/p>\n

This paved way for an asset re-allocation phase that has seen yield on interest earning assets increase by 30 basis points, resulting to 11 per cent rise in net interest income.<\/p>\n

The lender has instituted a new revenue frontier in project management which has pushed up growth of other income by Sh131 million, a 92 per cent rise.<\/p>\n

This is projected to sustain the group\u2019s profit trajectory without tying up capital in real estate projects.<\/p>\n

\u201cThe combined effects of the increasing ratio of earning assets to total assets, increasing yield on earning assets and declining cost of funding is expected to bolster an increase in net interest margin.\u201dKibaara said.<\/p>\n

The Group\u2019s refashioned business model has eased the bank\u2019s funding strain as the cost of retail deposits dropped to 3.8 per cent from four per cent during a similar period in 2021.<\/p>\n

Total operating income grew by 22 per cent to reach to reach Sh1.52 billion while operating expenses eased by seven per cent.<\/p>\n

Similarly, cost of retail deposits dropped from four per cent in June 2021 to 3.8 per cent in June 2022.<\/p>\n

Total deposits rose by Sh1.5 billion year-on-year.<\/p>\n

Foreign exchange income shored up by 49 per cent underscoring the bank\u2019s new grip on the SME market as benefits of full-service banking continue to stream in.<\/p>\n

For More News And Analysis About Kenya<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Kenya. Listed mortgage and banking firm HF Group has posted a Sh49.88 net profit in the first six months of 2022. This is a 5.86 percent growth compared to Sh47.12 million reported over a similar period last year. 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