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Housing Finance posts 13 pct profit rise in Q1

23 April 2014, 09:04

Nairobi - Kenya's second largest mortgage provider, Housing Finance, reported a 13 percent rise in pretax profit for the first quarter helped by a surge in non-interest income.

However, bad loans rose, as for other Kenyan lenders.

Profit before tax for the period ending March 31 climbed to 316.0 million shillings ($3.6 million), with non-interest income nearly tripling to 217.9 million shillings, it said on Tuesday.

Its loan book grew 5 percent against the same period a year earlier to 1.28 billion shillings.

Gross non-performing loans increased to 3.58 billion shillings from 2.68 billion shillings a year earlier. Earnings per share rose to 3.83 shillings from 3.28 shillings.

The results were issued after the stock market had closed. Its shares closed at 37 shillings.

Housing Finance plans to issue a medium term note once Kenya has sold its delayed debut Eurobond, hoping this will lower borrowing costs.

The mortgage company plans to use the funds to grow, including hiring new staff, opening five new branches and increasing lending.

- Reuters


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