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Housing Finance FY 2012 pretax profit 7% down and 0.70 dividend

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dunkang		#31 Posted : Wednesday, February 20, 2013 4:18:47 PM
Rank: Elder Joined: 6/2/2011 Posts: 4,824 Location: -1.2107, 36.8831		FY2012 Report here Receive with simplicity everything that happens to you.” ― Rashi
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VituVingiSana		#32 Posted : Wednesday, February 20, 2013 4:56:52 PM
Rank: Chief Joined: 1/3/2007 Posts: 18,361 Location: Nairobi		cnn wrote: holycow wrote: BloombergNews Africa (@BNAfrica) tweeted at 5:51 PM on Tue, Feb 19, 2013: @Housing_Finance of #Kenya FY profit rises 19% to 743m Shillings That would beat my expectations,i was expecting a flat year or slight dip in profits. Well, in reality [absent the tax deferred gain] that is what happened... Greedy when others are fearful. Very fearful when others are greedy - *to paraphrase Warren Buffett*
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VituVingiSana		#33 Posted : Wednesday, February 20, 2013 5:01:45 PM
Rank: Chief Joined: 1/3/2007 Posts: 18,361 Location: Nairobi		mwekez@ji wrote: Net NPA are up a whooping 79% to KES 1,715,096,000 from KES 958,956,000 in 2011 Whooping is a sound. Whopping means 'large/huge'. Yes, you may whoop after a whopping gain Greedy when others are fearful. Very fearful when others are greedy - *to paraphrase Warren Buffett*
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mwekez@ji		#34 Posted : Wednesday, February 20, 2013 5:11:56 PM
Rank: Chief Joined: 5/31/2011 Posts: 5,121		VituVingiSana wrote: mwekez@ji wrote: Net NPA are up a whooping 79% to KES 1,715,096,000 from KES 958,956,000 in 2011 Whooping is a sound. Whopping means 'large/huge'. Yes, you may whoop after a whopping gain he he .... tru dat chief ... and have noted the same NPA headache in NIC FY 12 results
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mwekez@ji		#35 Posted : Thursday, February 21, 2013 12:30:04 AM
Rank: Chief Joined: 5/31/2011 Posts: 5,121		holycow wrote: mibbz wrote: Never done accounting past std 7 so accountants help me understand what does deferred tax mean? shall they pay it in future or are they awaiting a tax holiday/refund so as to eat into the deferred tax? Same here. HFCK deferred the payment of KES 190.6 million worth of taxes to future years. The deferred taxes were brought by the recognition of historical losses by subsidiary Kenya Building Society (KBS) which the HFCK revived last year after more than 15 years in dormancy.
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mwekez@ji		#36 Posted : Thursday, February 21, 2013 12:54:14 AM
Rank: Chief Joined: 5/31/2011 Posts: 5,121		Talk of increasing the gearing level >>>> Housing Finance is looking at issuing a local or offshore bond in the second half of year to fund real estate development >>>> The fresh fundraising comes after the company raised Sh3 billion in a bond and signed financing deals with European Investment Bank for Sh1.7 billion and Ghana International Bank (Sh850 million) last year.
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VituVingiSana		#37 Posted : Thursday, February 21, 2013 3:20:51 AM
Rank: Chief Joined: 1/3/2007 Posts: 18,361 Location: Nairobi		mwekez@ji wrote: VituVingiSana wrote: mwekez@ji wrote: Net NPA are up a whooping 79% to KES 1,715,096,000 from KES 958,956,000 in 2011 Whooping is a sound. Whopping means 'large/huge'. Yes, you may whoop after a whopping gain he he .... tru dat chief ... and have noted the same NPA headache in NIC FY 12 results High interest rates [rates jumped from 14% to 28% & though down to 18%] stressed borrowers. Customer A borrows 1mn & pays 14% per annum in interest. Perhaps even a little principal... Then rates jump to 28% which means 2x interest payments required. Forget the principal repayments. The customer is 'stressed' unless he can find another source of income. What happens is the customer defaults & the bank starts providing [via NPA] for them. Greedy when others are fearful. Very fearful when others are greedy - *to paraphrase Warren Buffett*
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VituVingiSana		#38 Posted : Thursday, February 21, 2013 3:23:23 AM
Rank: Chief Joined: 1/3/2007 Posts: 18,361 Location: Nairobi		mwekez@ji wrote: holycow wrote: mibbz wrote: Never done accounting past std 7 so accountants help me understand what does deferred tax mean? shall they pay it in future or are they awaiting a tax holiday/refund so as to eat into the deferred tax? Same here. HFCK deferred the payment of KES 190.6 million worth of taxes to future years. The deferred taxes were brought by the recognition of historical losses by subsidiary Kenya Building Society (KBS) which the HFCK revived last year after more than 15 years in dormancy. Well, the folks at KRA may disallow the DTA. Look what they did with Coca-Cola bottlers, Bidco & BBK. Could HFCK win? Yes. After spending time & cash. Greedy when others are fearful. Very fearful when others are greedy - *to paraphrase Warren Buffett*
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mwekez@ji		#39 Posted : Thursday, February 21, 2013 8:58:37 AM
Rank: Chief Joined: 5/31/2011 Posts: 5,121		VituVingiSana wrote: mwekez@ji wrote: VituVingiSana wrote: mwekez@ji wrote: Net NPA are up a whooping 79% to KES 1,715,096,000 from KES 958,956,000 in 2011 Whooping is a sound. Whopping means 'large/huge'. Yes, you may whoop after a whopping gain he he .... tru dat chief ... and have noted the same NPA headache in NIC FY 12 results High interest rates [rates jumped from 14% to 28% & though down to 18%] stressed borrowers. Customer A borrows 1mn & pays 14% per annum in interest. Perhaps even a little principal... Then rates jump to 28% which means 2x interest payments required. Forget the principal repayments. The customer is 'stressed' unless he can find another source of income. What happens is the customer defaults & the bank starts providing [via NPA] for them. ... and not out of the woods yet. HFCK MD Frank Ireri sees higher inflation in Q1 this year. “Tied to that will be resultant monetary policies in terms of interest rates,” he said. Higher interest rates “would eat into their net interest income” and raise interest expenses as they did in the first half of 2012, Nairobi-based AIB Capital Ltd. has said in an e- mailed note to clients. The high interest rates would also raise the level of NPA.
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mwekez@ji		#40 Posted : Thursday, February 21, 2013 9:13:22 AM
Rank: Chief Joined: 5/31/2011 Posts: 5,121		on the flipside, Housing Finance plans to introduce foreign-currency bank accounts for the first time, primarily targeting Kenyans working abroad in places like the U.S. and U.K., Ireri said. They account for a fifth of its loans, he said. The company also plans to recruit agents, mostly from within the construction industry, and increase its outlets to 40 by 2016 from 13 now, Ireri said.
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