NAIROBI, Kenya, Nov 29 – HF Group has posted a profit before tax of Sh77.3 million in the first nine-months of 2022, after diversifying its business model and enforcing a water tight risk management framework.
As a result, the lender was able to reverse a loss of Sh525.4 million that was recorded in a previous period last year.
Profit was boosted by a growth in net interest earning that grew by Sh202 million.
“Our business transformation strategy remains on track, with positive delivery in all areas,” HF Group CEO Robert Kibaara said.
“We have put in place an aggressive non-performing loans resolution that saw this reduce by 6% within a year, paving way for an asset re-allocation phase to support our growth in interest earning assets and yields,” Kibaara added.
The Group’s non-interest income and income from non-bank subsidiaries increased by Sh300 million.
Foreign exchange income rose by 40 per cent, underscoring the business new grip on the SME market.
Similarly, the Group’s property development subsidiary grew its revenue by Sh263 million supported by growth in project management fees and commissions.
“A new revenue frontier in project management has already taken shape,” said Kibaara.
“This performance, together with our focus on building on our efficiency, expanded synergies and robust cost control, will put the Group in a stronger position.”
