Kenyan listed mortgage lender HF Group widened its Net Losses for the six months ended 30th June 2020 to KSh 295.5 Million.
This is compared to a net loss of KSh 97 Million recorded at the end of a similar period last year.
This performance is mirrored against HF’s move to restructure KSh 9.8 Billion in mortgage facilities to cushion customers from disruptive effects of COVID-19 on its loan book.
The firm’s balance sheet shrunk to KSh 56.5 Billion from KSh 56.9 Billion. Net loans to customers dipped from KSh 40.5 Billion to KSh 38.2 Billion.
Total Shareholders’ equity also declined from KSh 10.4 Billion to KSh 9.9 Billion during the period under review.
Interest income on loans to customers fell from KSh 2.5 Billion to KSh 2.1 Billion, pushing down Total Interest Income from KSh 2.7 Billion to KSh 2.4 Billion.
The mortgage firm cut its loan loss provisions from KSh 369.5 Million to KSh 267.6 Million with its Gross Non-performing loans declining from KSh 12.9 Billion to KSh 11.9 Billion.
Dismal performance at HF is taking place when significant changes have taken place at the firm’s executive suite, including the retirement of Dr Steve Omenge Mainda as the Board Chairman as the taking over of Regina Anyika as the Acting Managing Director of the mortgage firm.
Kaushik Manek has replaced Dr Mainda while Anyika takes over from Samwel Waweru, who exited in April last year.
ALSO READ:HF Group Cuts Losses to KSh 633,000
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