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Housing Finance profit up 63 Pct in 2013

19 February 2014, 13:57

Nairobi - Kenya's second-largest mortgage lender, Housing Finance Ltd, said on Wednesday full-year pretax profit jumped 63 percent, driven by dramatic growth in its non-interest income on the back of rising property sales.

Pretax profit for the year shot up to 1.48 billion shillings in 2013, Managing Director Frank Ireri said, spurred by an almost five-fold increase in non-interest income to 1.3 billion shillings.

"We are optimistic, expecting our balance sheet to grow by 30 percent this year," Ireri told an investor briefing.

Housing Finance revived in 2012 its housing development arm to tap a fast-growing middle class in east Africa's biggest economy. Kenya faces a huge annual housing deficit, with some independent studies putting the demand at 160,000 units per year, against a supply of 30,000 units.

In November, Housing Finance said it had secured approval to issue a 20 billion shilling corporate bond to fund expansion.

- Reuters


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