HF narrows full-year net loss to Sh593.29 million
Finance Group has narrowed its net loss by 65.2 percent in the year to December 2021 supported by fees and commission from loans and a reduction in running costs.
HF Group posted a net loss of Sh593.29 million in 2021 from Sh1.71 billion in 2020.
The Nairobi Securities Exchange-listed firm has not announced any dividend, making a four-year consecutive since 2017, of a payout drought to shareholders and posting net losses.
The firm’s cash flow has been distressed following a hit on the property development business that was compounded by the economic hardships of the pandemic making it difficult for homebuyers to purchase houses.
HF Group’s total non-interest income from fees and commission increased by 5.0 percent to Sh538.12 million.
Operating expenses dropped by 20.5 percent to Sh3.22 billion amid a drop in provisions for bad debt and a marginal decline in staff costs.
Total interest income dropped by 8.0 percent to Sh3.92 billion due to a shrink in loan book and investment in fixed incomes securities.
Net loans and advances dropped by 6.2 percent to Sh34.69 billion. Its stock held with government securities dropped by 6.0 percent to Sh1.82 billion.