HF Group has posted a profit before tax of KES 77.3 million in the first nine months of 2022 after diversifying its business model and enforcing a water-tight risk management framework.
As a result, the lender was able to reverse a loss of KES 525.4 million that was recorded in a previous period last year.
Profit was boosted by growth in net interest-earning, which grew by KES 202 million.
“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,” HF Group CEO Robert Kibaara.
The Group’s non-interest income and income from non-bank subsidiaries increased by KES 300 million.
Foreign exchange income rose by 40 per cent, underscoring the business’s new grip on the SME market.
Similarly, the Group’s property development subsidiary grew its revenue by KES 263 million, supported by growth in project management fees and commissions.
“A new revenue frontier in project management has already taken shape. 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.” CEO Robert Kibaara.
Read also; HF Group Cut Net Losses to KSh 593.3M in 2021.
