Cyprian Is Nyakundi
Business

FRAUD SEES HF POST 598 MILLION 2018 LOSS

Peter Munga’s Spanner Boy Robert Kibaara who Is Also Looting HF Like The fired Frank Ireri

Housing Finance Group (HF) has dropped into a loss for the first time in more than 10 years on reduced interest income that the mortgage lender previously blamed on the rate cap and a tough economic environment but the reality is now dawning on the shareholders that all is not well.

Fraud and silent customer bank run due to eroded customer confidence has seen the embattled HF post 598 million 2018 loss.

Bad loans rose Sh5.1 billion to Sh13.3 billion. This happened despite its loan book shrinking by Sh6.2 billion to Sh43 billion.

The tier-two lender saw its interest income drop by Sh1.08 billion to Sh6.045 billion as it struggled with reduced income from customer loans which dropped by 15 percent to Sh5.661 billion.

The editor of this site notes that HF is the only listed bank to post a loss for 2018.

The lender’s losses also dragged Britam to 2.2 billion loss

HF drags Britam to Sh2.2bn loss



Would you like to get published on this Popular Blog? You can now email Cyprian Nyakundi any breaking news, Exposes, story ideas, human interest articles or interesting videos on: hello@cnyakundi.com. Videos and pictures can be sent to +254 710 280 973 on WhatsApp, Signal and Telegram.


Related posts

Kenya had about 291 ultra-rich individuals who were worth at least Sh3 billion by the end of 2017.

Cyprian, Is Nyakundi

Tano Terror: Painful Restructuring At NMG

Karecha

Bank Of Tanzania Freezes Exchange Of Kenyan Bank Notes With Immediate Effect

Karecha