HF posted a net loss of Sh110 million compared to the Sh598 million loss posted in 2018. [Edward Kiplimo, Standard]
This was an improvement from the Sh598 million loss that the group posted in 2018. According to the lender’s published results, total operating expenses reduced by over Sh700 million as net-non performing loans reduced by over Sh2 billion to Sh6.4 billion.
The mortgage lender’s total asset value reduced by Sh4 billion on the back of the reduction of loans and advances to customers and the value of property and equipment.
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Total income However, Liberty Kenya Holdings - the holding company for The Heritage Insurance Company Kenya and Liberty Life Assurance Kenya - raked in a net profit of Sh740 million in the period for the year ending December 31, 2019. This was an increase of almost Sh200 million from the net profit they had made the previous year or a 34.7 per cent increase. The insurer’s total income increased to Sh11.1 billion, a rise from the Sh9.3 billion which it registered in 2018 - buoyed by the increase in the fair value gain on financial investment. The company’s claims and expenses also increased from Sh8.4 billion to Sh9.9 billion. SEE ALSO :Dar secures $272m AfDB loan for new airport
Liberty Kenya Holdings’ total equity increased by 5.3 per cent over the year to reach Sh8 billion. The insurer’s total assets value also increased by almost Sh2 billion, from Sh36.6 billion to Sh38.2 billion, attributable to growth in financial investments and non-currents assets held for sale.
However, the company will not be offering a dividend to shareholders owing to tough economic times. “The directors, having taken note of the potential impact of the prevailing market and economic conditions, do not recommend the payment of a dividend,” the company said. Development Bank of Kenya also posted a profit of Sh1.1 billion for the period to the year ending December 31, 2019 or 833.2 per cent increase.
The lender’s total interest income took a marginal dip as loans and advances reduced, while non-interest income grew from Sh113.4 million to Sh1.1 billion. Net non-performing loans also increased as borrowers ensured an addition of over Sh200 million.
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Kingdom Securities, a subsidiary of Cooperative Bank, registered a Sh6.7 million increase - from Sh60 million to Sh66.7 million in the year ended December 31, 2019. It however incurred a loss of Sh29.6 million - almost five times more than the Sh6.4 million loss they experienced in 2018. Co-optrust Investment Services, also a subsidiary of Cooperative Bank, made a net profit of Sh60.6 million in 2019, doubling the Sh31 million they had made the previous year. The company was able to register a 43.3 per cent growth in income, which reached Sh238 million from Sh166.3 million in 2018. UAP Old Mutual registered a profit after tax of Sh970.5 million in 2019, nearly six-fold the profit they made in 2018 on the back of a reduction in operating expenses in the year. SEE ALSO :Tuju fights Sh1.5b loan case ruling by UK court
ABC Bank’s net profit also increased from Sh67.9 billion in 2018 to Sh83.3 billion.
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