Housing Finance (HF) Group has reported its financial results for the half year period ended June 2018 with net earnings for the period down by 95.7% to Sh 6.8 million compared Sh 159 million in the same period in 2017.
Net interest income fell by 13.9% to Ksh 1.3 billion despite a 38% growth in non-interest income to Sh 586.8 million. Operating expenses for the period went up by 23% to Ksh 1.7 billion.
Loans and advances to customers fell by 10% to Sh 47.6 billion while customer deposits fell slightly by 2.3% to Sh 36.6 billion.
The lender last month announced plans to lay off 9 percent of its total work force saying this was in line with the recently launched digital banking strategy which diversifies its portfolio away from mortgage financing.
READ; HF group Banking subsidiary unveils digital banking solution ‘HF Whizz’
