By Eddah Waithaka
HF Group, a leading listed financial solutions provider, reported a 35% surge in net profit to Kes 525 million in FY2024, up from Kes 388 million the previous year.
The strong performance marks the third consecutive year of growth, fueled by the Group’s successful business transformation and expansion into new revenue streams.
Key Financial Highlights
Total interest income surged by 23% to Kes 6.41 billion, fueled by a 17% increase in interest-earning assets.
Non-funded income also climbed, rising 21% to Kes 1.51 billion, driven by higher foreign exchange income, property project management fees, and commissions.
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Total deposits grew by 9% to Kes 47.86 billion, while total assets expanded by 14% to Kes 70.15 billion. The core capital ratio soared to 21.4%, significantly exceeding the 10.5% regulatory minimum, and the liquidity ratio improved to 41.8%, more than double the required 20%.
Furthermore, all subsidiaries—HFC, HFDI, and HFBI—continued to post profits, underscoring the Group’s robust and diversified earnings model.
Strategic Growth and Future Outlook
HF Group CEO Robert Kibaara attributed the strong results to the Group’s diversification into business banking, property development, and custodial services.
“Our recent oversubscribed rights issue has strengthened our capital base, enabling us to accelerate growth, invest in technology, and deliver superior customer solutions,” said Kibaara.
The rights issue, which was oversubscribed by 38%, also secured HF Group’s inclusion in the Morgan Stanley Capital International (MSCI) Index, boosting its global visibility. With a robust balance sheet and enhanced liquidity, HF Group remains well-positioned to sustain its growth trajectory in 2025 and beyond.
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