Housing Finance Group plans to develop innovative products as it targets cross-selling to bolster its revenue in the wake of dwindling profit margins as a result interest rate caps. “Revenues from our subsidiaries have been on the rise and this is seen in the profitability during this period,” group managing director Frank Ireri said. Subsidiaries include the commercial banking arm HFC, HF Development and Investment for real estate and HF Insurance Agency. Loans to customers increased to Sh53.9 billion from Sh51.7 billion, an almost flat growth of 4.2 per cent year-on-year. Customer deposits, on the other hand, expanded by Sh4 billion to hit Sh41.6 billion pole, largely helped by a rise in retail outlets.

Source: The Star November 23, 2016 02:15 UTC