HF Group recently released its Q3 2024 financial results, showcasing a stellar performance marked by a 105% year-on-year increase in profit after tax to KES 483.47 million.
This growth highlights the group’s effective execution of its short-term strategy, positioning it as one of the fastest-growing and most undervalued banks listed on the Nairobi Securities Exchange.
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Key Highlights of HF Group’s Q3 2024 Performance:
- Profit Surge: Profit after tax rose by KES 247.23 million, reaching KES 483.47 million in Q3 2024, compared to KES 236.24 million in Q3 2023.
- Customer Deposits: The Group reported a year-on-year growth of KES 1.2 billion in total customer deposits.
- Asset Growth: Total assets grew significantly, registering a KES 4.9 billion increase year-on-year.
- Resilient Margins: Despite elevated interest rates, the group preserved its net interest margin at 5.4%, only slightly down from 5.5% in the previous year.
- Income Streams:
- Interest income on government securities grew by KES 273 million (33%).
- Total interest income rose by KES 874 million (23%).
- Non-funded income (NFI) increased by KES 98 million (11%), accounting for 34% of total income, showcasing a balanced reliance on diverse revenue streams.
- NPL Recovery: HF Group recorded KES 600 million in non-performing loan (NPL) collections as of September 2024, with a further KES 3 billion targeted by year-end.
HF Group attributed its robust performance to disciplined cost management, effective risk mitigation, and strategic resource optimization.
The Group’s focus on adapting to macroeconomic challenges, such as a Central Bank Rate increase from 10.5% in September 2023 to 12.75% in September 2024, has enabled it to sustain profitability while navigating a high-interest-rate environment.
With its impressive profit growth and a consistent record of asset and deposit expansion, HF Group is positioning itself as a bank to watch on the NSE. Its strategic pivot towards diversified income streams and aggressive NPL recoveries underscores its ability to thrive amid industry challenges.
As HF Group moves into the final quarter of 2024, it remains committed to maintaining a vigilant eye on costs and seizing opportunities in the dynamic macroeconomic landscape.
The Group’s proactive measures and strong subsidiary performance set a solid foundation for continued growth and resilience.
#HFGroupQ3Results
CEO & Co-Founder, Abojani Investment
Robert Ochieng is a visionary entrepreneur and the co-founder of Abojani Investment, a leading financial education platform in Kenya that has empowered over 20,000 Africans to embark on their investment journeys. As CEO, he has demonstrated an unwavering commitment to financial literacy, successfully demystifying money and investments and making them accessible and relevant to individuals from all walks of life.
Running Thriving Investment Communities
Robert’s influence extends well beyond Abojani Investment’s core offerings. He has actively fostered a sense of community by running investment forums and groups with a vast following of over 300,000 Africans. These communities provide a safe space for individuals to exchange ideas, share experiences, and support each other on their investment journeys.
Vision for the Future
As co-founder of Abojani Investment, Robert envisions a financially empowered Africa. He strives to expand the reach of his financial education initiatives, enabling millions more to gain the knowledge and confidence needed to achieve their financial goals. His vision is to create a society where every individual has the tools and understanding to build lasting wealth and prosperity.
Professional Background
Robert Ochieng is a highly accomplished CEO at the helm of Abojani Investment, an investment and advisory firm in Kenya. He is a seasoned professional with over 14 years of experience in IT, Finance, and leadership.
His career includes key roles at prominent institutions such as Equity Bank, Gulf African Bank, Guaranty Trust Bank (GTBank) and Airtel.
Robert’s expertise has also been sought after by the National Treasury for consultancy on planning and budgeting systems, showcasing his exceptional knowledge and skills in the field. Passionate about driving meaningful conversations and collaborations between academia, industry, and the public sector, Robert actively engages in research projects focusing on digital transformation within the financial services sector. With his visionary leadership and strategic insights, Robert Ochieng continues to make a significant impact in the business world.
