Interest rates impact housing sector
25 April 2012, 16:09
Nairobi - Housing Finance of Kenya(HFCK) have reported a 38 percent drop in sales in the first quarter from KES. 3.3 billion to KES2 billion compared to same period last year, faulting the high interest rates that adversely affected mortgage uptake, Capital News reports.
The mortgage lender however posted an 11 percent growth in profit after tax of KES. 133.6 million from KES. 120.1 million in the same period of 2011.
Cost management and credit risk measures are some factors the mortgage financier has credited to the growth.
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