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Announcements...4-Mar-10: 1st & Final Dividend: 0.50/= • Books close: 28-May-10 • Payment: 30-Jun-10
Discuss Housing Finance Company Ltd• price on 27 Oct 09 is wrong p3w9te • October 2009 (no replies)
• Right Issue Sanju • May 2008 (2 replies)
• Housing Finance rights issue Kaboobi • May 2008 (3 replies)
• hfck Bernard • June 2007 (3 replies)
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0.45Segment: Main Investment Market
Sector: Finance And Investment
Brief Company Profile
Plot No. LR 209/9054 Rehani House Kenyatta Avenue/Koinang Street Nairobi, Kenya +254-20-317474 (Phone)
+254-20-340299 (Fax)
Company website:
http://www.housing.co.ke/
News Releases | Financial Information | Corporate History/Profile | Executives | Products/Services | Employment Opportunities
Updated: Tue, June 17, 2008
Business Performance
Housing Finance has been until recently, the dominant mortgage finance company in Kenya, but now looks set to face stiff competition from other financial players such as Standard Chartered Bank. In view of this the bank needs to strengthen its capital base in addition to seeking a long-term source of funding to eliminate the prevailing asset liability mismatch. Presently the company relies on short-term deposits to finance its long-term mortgage lending; with about 65% of its loans are falling due after five years, a 5-year asset-liability mismatch (liabilities in excess of assets) of KES 2.40 Billion resulted in 2005. With regard to capital strength the firm's core capital to deposit position needs to be beefed up at 8.39% as it is a mere 0.39% above statutory minimum. Consequently the firm has announced that it intends to undertake a rights issue in the second quarter of the year. In a nutshell the banks ability to lend has been restricted by its inability to take in new deposits. On the other hand, as of June 2006, the nonperforming loans portfolio was still higher at 27% of total loans although there is a marked improvement from 2005 levels of 32%. For it to be able to compete effectively in this arena, it must be able to lower its bad debt so as to be able to offer competitive pricing — lending rates — on its mortgages and improve its profit margins.
In the third quarter of 2006, the firm's core capital to deposit position improved slightly to 8.45%. This weak capital strength position restricted the banks mortgage advances to 2005 levels of KES 6.40 Billion. Customer deposits declined marginally by 2.5% to KES 8.23 Billion. However, profitability has improved with earnings rising five-fold to KES 56.00 Million.
Future Prospects
The future of the company largely depends on its ability to narrow its asset-liability mismatch while suppressing its bad debt portfolio with a view to ensuring sustainable and competitive pricing of its mortgage products.
Updated: Sun, February 18, 2007
• Housing Finance in Deal to Provide More Homes (24 Nov 2009)
Employees of local authorities and water and sewerage companies in the country have an opportunity to use part of their pension to purchase homes.
• Housing Finance Launches Loyalty Savings Product (16 Jul 2009)
Mortgage financier Housing Finance has launched a loyalty programme with the rolling out of a savings account product that will win you various products.
• Rent Control Will Destroy City's Housing (23 Jun 2008)
In Finance Minister Amos Kimunya's budget speech, he said the Landlord and Tenant Bill would be passed to facilitate the availability of affordable housing to the urban poor.
• Housing Finance Gets Boost (05 Jun 2008)
The ongoing Housing Finance (HF) rights issue has received a major boost after a key shareholder announced that it is going to exercise its full rights.
• Mortgage Firm Plans New Home Products (02 Jun 2008)
Housing Finance is set to unveil two new housing products to enable more Kenyans buy houses.
• Housing Finance Profit in 37 Percent. Dip (29 May 2008)
Housing Finance's pre-tax profit for the first three months of the year fell 37 per cent to Sh23.3 million from Sh37 million, during the same period last year.
• Businessman Sues Hf for Sh13bn After House is Sold (23 May 2008)
A businessman is suing Housing Finance for a staggering Sh13.8 billion following the auction of his matrimonial home after he allegedly failed to service a mortgage.
• Mortgage Lender to Offer 30,000 Units (16 May 2008)
Mortgage lender, Housing Finance, has entered into the property supply market as part of the key to its five-year strategic growth plan.
• HF Rights Issue Targets Refunds in Safaricom IPO (15 May 2008)
The State will not take up additional shares in the Housing Finance rights issue announced yesterday, it has emerged.
• Housing Finance Launches Rights Issue (15 May 2008)
Mortgage firm Housing Finance will on Thursday launch its rights issue aimed at raising Sh2.3 billion to strengthen its lending capacity.
• HF Launches Rights Issue Amid Rising Competition (14 May 2008)
Housing Finance (HF) today launches its long -awaited rights issue at a time when the mortgage financier's turnaround strategy comes in the spot light in the wake of cut- throat competition and shrinking revenues.
• Housing Finance Rights Issue Lays Ground for Capital Injection (12 May 2008)
Eyebrows were raised in a few boardrooms last week after it emerged that Housing Finance, the country's leading mortgage lender, would go ahead with a Sh2.3 billion share sale later this month.
• Safaricom in New Bid to Grow Mobile Phone Cash Transfers (31 Mar 2008)
Mobile phone banking in Kenya has moved to a new level with the first banking outlet, Housing Finance, signing a cooperation pact to allow at least 1.6 million users of mobile phone banking facilities to access and transfer cash.
• M-Pesa Users to Reap From Safaricom, HF Deal (18 Mar 2008)
Safaricom's electronic money transfer service, M-Pesa, will now be available at the 10 Housing Finance branches.
• Housing Finance to Trade in Shares for Faida (15 Feb 2008)
Mortgage financier, Housing Finance, has entered into an agency agreement with Faida Investment Bank to buy and sell shares at the Nairobi Stock Exchange.
• Firm to Broker NSE Deals for Housing Finance (15 Feb 2008)
Housing Finance has signed an agency agreement with Faida Investment Bank, for the purchase and sale of securities at the stock market.
• Housing Finance Launches Product for Investment Clubs (06 Dec 2007)
Investment clubs have a new suitor in the market after three financial firms launched a joint product targeting real estate and the capital market.
• Equity Shares Deal Approved (24 Oct 2007)
The Capital Markets Authority has approved private transfer of over 28 million shares of Housing Finance, a leading mortgage financier, to Equity Bank and its insurance associate.
• Equity Gets a Greenlight to Buy Housing Finance (16 Oct 2007)
Equity Bank has been given the green light to buy Housing Finance.
• Why Judge Locked Door On Hfck in Dispute Over House (10 Sep 2007)
Anor v HFCK, High Court of Kenya at Nairobi, Warsame J (July 6, 2007)
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