Housing Finance posts 4pc profit growth
Posted Wednesday, July 18 2012 at 15:18
Housing Finance has announced a 4 per cent growth in profit after tax of Sh250 million up from Sh241 million in the last six months, coupled with a Sh0.7 dividend announcement to its shareholders.
The profit growth is attributable to the firm’s interest income which grew to Sh2.38 billion in the last six months as compared to Sh1.55 billion last year in a similar period.
Housing Finance Managing Director Frank Ireri has said the firm will continue to focus on acquisition of stable low cost, long term funds to sustain growth.
The mortgage lender has secured Sh1.1 billion in off shore funds for its mortgage business. The firm recently signed a Sh850 million bilateral loan agreement with the London based Ghana International Bank (GHIB) to support its mortgage business.