HF Group has recorded a net loss of KSh 346.1 Million over the first six months of this year compared to KSh 295.5 Million in H1, 2020, an increase of 17%.
The Mortgage lender’s balance sheet size shrunk to KSh 52.9 Billion from KSh 56.5 Billion in H1, 2021, while customer deposits decreased to KSh 37.8 Billion from KSh 39.2 Billion in H1, 2020.
Net loans to HF customers also fell to KSh 35.3 Billion from KSh 38.2 Billion during the period under consideration.
HF Group cuts loan loss provisions to KSh 58.3 Million
Loan loss provision was KSh 58.3 Million in H1, 2021 from KSh 267.6 Million in H1, 2020.
HF Group Pre-Tax loss increased from KSh 295.5 Million in H1, 2020 to KSh 317.9 Million in H1, 2021, while the firm’s total comprehensive loss widened from KSh 316.6 Million in H1, 2020 to KSh 355.6 Million in H1, 2021.
Losses per Share increased from KSh 1.54 to KSh 1.80 while total shareholders funds declined to KSh 9.9 Billion in H1 2020 from KSh 9.9 Billion in H1, 2021.
Total Interest Income from loans to customers, government securities and deposits held in other financial institutions fell from KSh 2.4 Billion in H1, 2020 to KSh 1.9 Billion in H1, 2021.
Fees and Commissions on loans to customers doubled from KSh 38.3 Billion in H1, 2020 to KSh 70.7 Billion in H1, 2021.