Housing Finance records half year net loss of Ksh 97M

Housing Finance Group made a net loss of Ksh97 million during the first six months of this year, compared to a net profit of Ksh6.8 million the financier recorded during a similar period last year.

Total interest income plunged more than half to Ksh2.7 billion from Ksh6.05 billion.
This was after the lender reduced the net loans and advances to customers from 47.5 billion shillings to 40.5 billion shillings.

The stock of non-performing loans accelerated from 8.86 billion shillings to 12.97 billion shillings.

During the period under review, the financier increased insider loans advanced to directors, shareholders and associates to 1.45 billion shillings, up from 46 million shillings a year earlier.

Meanwhile, National Bank of Kenya has posted 150 million shillings in net profit during the first six months of this year which managing director Wilfred Musau attributes to growth in operating income.

The financials show that the profit was also driven by higher net interest income.
Even though the lender marginally trimmed its loans and advances by 1 per cent to 47.3 billion shillings, total interest income rose 7.3 per cent to 4.4 billion shillings.

National bank whose shareholders have been offered a share-swap deal by KCB, however, saw the stock of nonperforming loans hit 32.4 billion shillings, representing a 7.5 per cent increase.

Non interest income dipped 28.6 per cent to 752 million shillings.


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