June 14, 2024

HF Group Q1 2024 Profit Up 76% to Ksh 159 Million

HF Group Q1 2024 Profit Up 76% to Ksh 159 Million

HF Group has recorded a significant increase in profit in Q1 2024, reaching Ksh 159 million, reflecting a remarkable 76% jump compared to Ksh 90 million in the same period last year.

A key driver of HF’s strong Q1 performance is the growth in total interest income. This figure reached Ksh 1.18 billion in 2024, representing a substantial 28% increase from Ksh 1.51 billion in Q1 2023. However, while interest on government securities decreased by 19% to Ksh 0.27 billion from Ksh 0.32 billion in Q1 2023, non-funded income saw a surge of 41%. This figure reached Ksh 0.27 billion in Q1 2024, compared to Ksh 0.39 billion in the previous year’s first quarter.

While total operating income experienced a decrease of 18% to Ksh 0.90 billion in Q1 2024 from Ksh 1.06 billion in Q1 2023, there’s a positive takeaway. Operating costs witnessed a significant reduction of 11%, dropping from Ksh 0.90 billion to Ksh 0.81 billion in the same period. HF Group’s total assets saw a slight decrease of 6% in Q1 2024. The figure stands at Ksh 58.99 billion compared to Ksh 62.28 billion in Q1 2023.

Established in 2015, HF Group is the parent company of a diverse range of subsidiaries catering to various financial needs. These include:

  • Housing Finance Company Limited (HFC Limited): A trusted provider of mortgage and retail banking services.
  • Housing Finance Development and Investment Limited (HFDI): Specializes in property development and real estate investment, fostering growth in the Kenyan property market.
  • Housing Finance Insurance Agency (HFIA): Ensures clients have access to essential insurance products, offering a holistic financial safety net.
  • Housing Finance Foundation (HFF): Caters to individuals and businesses seeking installment purchase and lease financing solutions, promoting financial inclusion.

HF Group, short for Housing Finance Group of Kenya, boasts a remarkable journey, commencing operations in 1965 as a mortgage financier. Over the years, it has transformed into a diversified powerhouse, offering a comprehensive suite of financial solutions. Britam Holdings Limited holds a 48.53% stake, both directly and indirectly, in HF Group.

Today, the Group caters to a wide range of clients, encompassing personal banking, support for small and medium enterprises (SMEs) and commercial ventures, trade finance. It also offers services for Kenyans living abroad (diaspora banking), treasury operations, property finance solutions, and essential insurance products.

HFC operates 22 branches nationwide and offers comprehensive digital banking platforms. These platforms, accessible via mobile app, WhatsApp, USSD, online banking, and online portals, are designed to enhance accessibility and user experience.

Publicly traded on the Nairobi Securities Exchange since 1992, HF Group remains a significant player in the Kenyan financial landscape. The current hf group share price is KES 4.15. On Wednesday May 22, 2024, HFCK closed at KES 4.45 per share on the Nairobi Securities Exchange (NSE), marking a 0.9% increase from its previous closing price of KES 4.41.

Robert Kibaara has served as the group chief executive officer and director of hf group since December 2018. Under his guidance, the Group has demonstrably navigated a challenging economic environment and achieved impressive results. He also serves as the CEO and Non-Independent Non-Executive Director of HF Development & Investment Ltd., HF Insurance Agency Ltd., and the Housing Finance Foundation.

For enquiries, a visit to the nearest HFC branch allows for a face-to-face conversation with a qualified representative who can tailor solutions to fit specific needs. Alternatively, for quick inquiries or to initiate transactions, the hf group contact (0709 438000) offers a direct channel for communication.

For clients comfortable with email communication, sending a message to customer.service@hfgroup.co.ke ensures a detailed response from the Group. Finally, those seeking to utilize the Group’s services electronically can leverage the hf group paybill number (100400) for seamless transactions.