Listed mortgage provider HF Group has cut its losses to KSh 633,000 in the first three months of 2020. This is compared to a loss of KSh 158.3 million over the same period last year,
Its pretax earnings improved to KSh 7 million profit from a KSh157.7 million loss as the COVID-19 global pandemic takes its toll on Kenya’s nascent real estate sector.
Audited accounts of HF Group show that the mortgage lender experienced a slowdown in credit uptake. Loans and advances to customers fell to KSh38.4 billion from KSh42 billion in the first quarter of 2019. Total Interest Income dropped to KSh 1.24 billion from KSh 1.35 billion in Q1, 2019.
The bank’s customer deposits increased to KSh 33.99 billion to KSh 37.40 billion in the period under review.
HF Group is an integrated property and financial solutions provider that has transformed from being a mortgage financier to a provider of integrated property and financial solutions with interests in real estate development, commercial banking, property finance, and insurance.
