Housing Finance Group reported a net profit of KSH 265.5 million for the fiscal year that ended in 2022, resuming profitability. As compared to the previous year’s loss of KSH 682.7 million, the improvement represented a 939 percent increase due to higher income from loans, government securities, and other transactions.

The accomplishment was attributable to the HFC banking subsidiaries, whose pre-tax profit climbed by 560 percent to reach a hundred at KSH 78 million.

HFC Group CEO Robert Kibaara applauds the group’s business transformation strategy as revenue increased across the board.

The financial success of HF Group will help its parent company, Britam Holdings, increase its earnings. Britam Holdings had previously announced plans to sell its 48.2 percent stake in the mortgage lender with aspirations of becoming a major bank.

Nonetheless, HF recorded a good return in the fiscal year ended in December, increasing the value of the stock owned by Britam should it chose to sell it or continue to be the company’s largest investor.

HF reported a net profit of Sh265.5 million during the review period, reversing a net loss of Sh682.7 million the previous year, owing to better income from loans, government securities, and other transactions.