Kenya Mortgage Refinance Company (KMRC) has posted a 350% jump in profits after reporting KSh 362.7 million for the half year ended 31st June 2023 compared to KSh 103.5 million over a similar period in 2022.
- KMRC’s balance sheet size grew to KSh 24.9 billion in H1 2023 compared to KSh 21.4 billion in H1 2022 while loans disbursed totalled KSh 7.6 billion compared to KSh 6.8 billion in H1 2022.
- Interest income from loans almost doubled to KSh 1.1 billion in June 2023 compared to KSh 506.6 million in June 2022.
- KMRC borrowings went up to KSh 21.4 billion in June 2023 from KSh 18.3 billion in June 2022 while expenses rose to KSh 124.9 million from KSh 111.5 million in June 2022.
The firm’s share capital remained flat at KSh 1.8 billion while revenue reserves increased from KSh 792.8m in 2022 to KSh 1.3 billion in June 2023. Provisions for non-performing loans increased from KSh 1,095,000 to KSh 3,556,000 in June 2023.
KMRC is a non-deposit-taking financial institution established in 2018 under the Companies Act 2015. It provides concessional, fixed, long-term finance to the primary lenders including Banks and Saccos for forward lending to borrowers. The mortgage lender disburses loans at below 10%, with repayment period of up to 25 years.
ALSO READ: KMRC to Float Second Tranche of its KSh 10.4b Bond in Mid-2023
