Housing Finance Group's net profit grew by 23 per cent last year to Sh1.2 billion driven by increased house sales after the company completed two major real estate projects.
The mortgage lender's net interest income was higher by 19 per cent to Sh3.6 billion from Sh3 billion. During the period ended December 2015, the group's subsidiary Housing Finance Development and Investment completed Komarock 5B residential estate and K-Mall, a retail commercial project.
“Despite last year having been a challenging one, we have been able to get a good return. The growth in profitability is mainly due to our diversified banking, property development and insurance strategy,” said HF Group managing director Frank Ireri.
Total non- interest income, which includes revenue from house sales, increased to Sh1.171 billion from Sh843 million.
Customer deposits were higher by 17 per cent at Sh42 billion from Sh36billion in 2014.
Loans given to customers rose by 17.2 per cent to Sh53 billion from Sh45.2 billion previously.
