HF Group Cut Net Losses to KSh 593.3M in 2021

Housing Finance(HF) Group, a listed property and financial solutions provider, cut its net losses in 2021 to KSh 593.2 Million, down from a loss of KSh 1.7 Billion in 2020, an improvement of 55%.

The mortgage lender’s balance sheet size shrunk from KSh 55.4 Billion in 2020 to KSh 52.9 Billion in 2020.

Loans to HF Group customers fell to KSh 37.7 Billion in 2021 from KSh 34.7 Billion in 2020. Customer deposits also declined from KSh 39.9 Billion in 2020 to KSh 37.7 Billion in 2021.

Total Shareholders’ funds, what owners of the business are worth, fell from KSh 8.6 Billion in 2020 to KSh 8.0 Billion in 2021.

Total Interest income earned from loans to customers, sale of Government Securities and Deposits with other banking institutions declined from KSh 4.3 Billion in 2020 to KSh 3.9 Billion in 2021. Total Non-Interest Income from fees and commissions, forex trading, dividend and other incomes increased from KSh 512.5 Million in 2020 to KSh 538.1 Million in 2021.

HF Group Pre-Tax Losses declined from KSh 1.7 Billion in 2020 to KSh 860 Million in 2021, while the mortgage firm’s profitability, measured by Earnings per Share(EPS), fell from KSh -4.44 per share in 2020 to KSh – 1.54 in 2021.

ALSO READ: HF Group Appoints Anthony Omerikwa Opare as a Non-Executive Director of the Board

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