UNAUDITED FINANCIAL STATEMENTS AND OTHER DISCLOSURES FOR THE PERIOD ENDED 30TH SEPTEMBER 2022

Bank

Group Consolidated

I STATEMENT OF FINANCIAL POSITION

30.09.2021

31.12.2021

31.03.2022

30.06.2022

30.09.2022

30.09.2021

31.12.2021

30.09.2022

AS AT 30 SEPTEMBER 2022

UnAudited

Audited

UnAudited

UnAudited

UnAudited

UnAudited

Audited

UnAudited

A.

ASSETS

(Ksh'000)

(Ksh'000)

(Ksh'000)

(Ksh'000)

(Ksh'000)

(Ksh'000)

(Ksh'000)

(Ksh'000)

1

Cash balances (both local and foreign)

475,551

538,629

536,557

452,155

548,161

475,551

538,629

548,161

2

Balances due from Central Bank of Kenya

1,361,406

1,805,104

1,641,280

1,717,933

2,468,421

1,361,406

1,805,104

2,468,421

3

Kenya Government and other securities held for dealing

purposes

-

-

-

-

-

-

-

4

Financial Assets at fair value through profit and loss

-

-

-

-

-

-

-

5

Investment Securities:

-

-

-

-

-

-

-

a) Held to Maturity:

1,420,750

1,825,422

2,087,367

2,690,750

3,684,700

1,420,750

1,825,422

3,684,700

a. Kenya Government securities

1,420,750

1,825,422

2,087,367

2,690,750

3,684,700

1,420,750

1,825,422

3,684,700

b. Other securities

-

-

-

-

-

-

-

b) Available for sale:

3,973,195

4,724,746

5,131,902

6,536,468

4,468,961

3,973,195

4,724,746

4,468,961

a. Kenya Government securities

3,973,195

4,724,746

5,131,902

6,536,468

4,468,961

3,973,195

4,724,746

4,468,961

b. Other securities

-

-

-

-

-

-

-

6

Deposits and balances due from local banking institutions

1,295,758

90,256

1,036,837

166,204

269,216

1,295,758

90,256

269,216

7

Deposits and balances due from banking institutions abroad

352,349

307,396

145,669

493,797

-

352,349

307,396

-

8

Tax recoverable

199,436

221,861

222,060

235,840

242,698

318,982

342,746

371,470

9

Loans and advances to customers (net)

35,812,422

35,910,642

36,128,489

36,114,523

36,222,242

34,605,921

34,692,625

35,197,688

10

Balances due from banking institutions in the group

-

-

-

-

-

-

-

11

Investments in associates

-

-

-

-

-

-

-

12

Investments in subsidiary companies

-

-

-

-

-

-

-

13

Investment in Joint ventures

208,200

198,141

134,510

133,010

133,010

1,633,185

1,544,339

1,291,602

14

Investment properties

696,683

698,782

694,687

690,592

584,900

1,389,019

1,391,875

1,266,693

15

Property and equipment

1,630,859

1,585,615

1,543,832

1,507,787

1,471,689

1,635,592

1,590,454

1,476,531

16

Prepaid operating lease rentals

-

-

-

-

-

-

-

-

17

Intangible assets

576,964

519,150

489,785

452,789

391,721

577,725

519,873

392,926

18

Deferred tax asset

1,077,937

1,389,605

1,414,433

1,417,208

1,427,003

1,288,491

1,612,447

1,650,039

19

Retirement benefit asset

-

-

-

-

-

-

-

-

20

Other assets

2,332,301

2,282,887

2,428,237

2,507,222

2,582,152

1,871,647

1,917,606

2,057,245

21

TOTAL ASSETS

51,413,811

52,098,236

53,635,644

55,116,279

54,494,874

52,199,571

52,903,518

55,143,653

-

-

  1. LIABILITIES

22

Balances due to Central Bank of Kenya

-

-

399,336

998,320

1,494,017

-

-

1,494,017

23

Customer deposits

37,559,130

37,793,023

38,486,793

39,261,811

39,002,863

37,520,616

37,714,914

38,821,316

24

Deposits and balances due to local banking institutions

240,469

601,606

602,169

781,478

181,726

240,469

601,606

181,726

25

Deposits and balances due to foreign banking institutions

-

-

-

-

-

-

-

-

26

Other money market deposits

-

-

-

-

-

-

-

-

27

Borrowed funds

4,612,184

4,351,209

4,960,037

4,723,356

4,632,249

4,612,184

4,351,209

4,632,249

28

Balances due to banking institutions in the group

-

-

-

-

-

-

-

-

29

Tax payable

-

-

-

-

-

-

-

-

30

Dividends payable

-

-

-

-

-

6,283

246

246

31

Deferred tax liability

-

-

-

-

-

-

-

-

32

Retirement benefit liability

-

-

-

-

-

-

-

-

33

Other liabilities

1,095,782

1,486,806

1,350,585

1,503,210

1,343,212

1,823,622

2,267,255

2,071,740

34

TOTAL LIABILITIES

43,507,565

44,232,644

45,798,920

47,268,176

46,654,067

44,203,174

44,935,230

47,201,294

C.

SHAREHOLDERS' FUNDS

35

Paid up /Assigned capital

5,000,000

5,000,000

5,000,000

5,000,000

5,000,000

1,923,071

1,923,071

1,923,071

36

Share premium/(discount)

3,513,662

3,513,662

3,513,662

3,513,662

3,513,662

4,343,512

4,343,512

4,343,512

37

Revaluation reserves

310,662

310,662

310,662

310,662

310,662

1,012,124

1,012,125

1,012,124

38

Retained earnings/Accumulated losses

(4,193,205)

(4,367,005)

(4,407,907)

(4,415,833)

(4,452,533)

(2,576,443)

(2,737,700)

(2,819,126)

39

Statutory loan loss reserves

3,241,509

3,413,517

3,483,483

3,509,473

3,556,487

3,241,509

3,413,517

3,556,487

40

Other Reserves

33,617

(5,244)

(63,176)

(69,861)

(87,472)

52,625

13,763

(73,709)

41

Proposed dividends

-

-

-

-

-

-

-

-

42

Capital grants

-

-

-

-

-

-

-

-

43

TOTAL SHAREHOLDERS' FUNDS

7,906,246

7,865,592

7,836,724

7,848,103

7,840,806

7,996,398

7,968,288

7,942,359

44

TOTAL LIABILITIES AND SHAREHOLDERS' FUNDS

51,413,811

52,098,236

53,635,644

55,116,279

54,494,874

52,199,572

52,903,518

55,143,653

Bank

Group Consolidated

  1. DISCLOSURES
    AS AT 30 SEPTEMBER 2022
  1. Non-PerformingLoans and Advances
    1. Gross non-performing loans and advances
    2. Less: Interest in Suspense
    3. Total non-Performing loans and advances (a-b)
    4. Less: Loan loss provisions
    5. Net non-performing loans and advances(c-d) f) Discounted value of securities
    1. Net Exposure(e-f)
  3. Insider loans and advances
    1. Directors, shareholders and associates
    2. Employees
    3. Total insider Loans and Advances
  5. Off-BalanceSheet items
    1. Letters of credit, guarantees and acceptances
    2. Forwards, swaps and options
    3. Other contingent liabilities
    4. Total contingent liabilities
  7. Capital Strength
    1. Core capital
    2. Minimum Statutory Capital
    3. Excess/Deficiency
    4. Supplementary capital
    5. Total capital (a+d)

f) Total risk weighted assets

  1. Core capital /Total deposit liabilities
  2. Minimum Statutory Ratio
  1. Excess/Deficiency
  2. Core capital /Total risk weighted assets k) Minimum Statutory Ratio
  1. Excess/Deficiency (j-k)
    m) Total capital /Total risk weighted assets n) Minimum Statutory Ratio
    o) Excess/Deficiency (m-n)
    p) Adjusted Core Capital/Total Deposit Liabilities* q) Adjusted Core Capital/Total Risk Weighted Assets*
  1. Adjusted Total Capital/Total Risk Weighted Assets*

Bank

Group Consolidated

30.09.2021 31.12.2021 31.03.2022

30.06.2022

30.09.2022

30.09.2021 31.12.2021

30.09.2022

UnAudited

Audited

UnAudited

UnAudited

UnAudited

UnAudited

Audited

UnAudited

(Ksh'000)

(Ksh'000)

(Ksh'000)

(Ksh'000)

(Ksh'000)

(Ksh'000)

(Ksh'000)

(Ksh'000)

8,979,780

8,672,760

8,431,839

8,323,322

8,451,213

8,979,780

8,672,760

8,451,213

2,835,628

2,817,043

2,743,165

2,745,776

2,768,158

2,835,628

2,817,043

2,768,158

6,144,152

5,855,716

5,688,674

5,577,546

5,683,055

6,144,152

5,855,716

5,683,055

3,352,351

3,567,006

3,675,077

3,714,942

3,757,699

3,352,351

3,567,006

3,757,699

2,791,801

2,288,710

2,013,596

1,862,604

1,925,356

2,791,801

2,288,710

1,925,356

2,791,801

2,288,710

2,013,596

1,862,604

1,925,356

2,791,801

2,288,710

1,925,356

-

-

-

-

-

-

-

-

2,310,735

2,322,805

2,306,521

2,169,046

1,927,455

2,310,735

2,322,805

1,927,455

759,570

772,400

753,735

885,237

961,892

759,570

772,400

961,892

3,070,305

3,095,205

3,060,255

3,054,283

2,889,347

3,070,305

3,095,205

2,889,347

1,416,089

1,145,634

1,189,209

1,195,329

1,387,550

1,416,089

1,145,634

1,387,550

763,500

2,507,776

2,209,394

1,401,910

573,965

763,500

2,507,776

573,965

-

-

-

-

-

-

-

-

2,179,589

3,653,410

3,398,603

2,362,539

1,961,515

2,179,589

3,653,410

1,961,515

3,674,574

3,171,718

3,087,367

3,064,484

3,046,134

1,000,000

1,000,000

1,000,000

1,000,000

1,000,000

2,674,574

2,171,718

2,087,367

2,064,484

2,046,134

1,485,609

1,480,480

1,472,648

1,472,369

1,517,949

5,160,182

4,652,198

4,560,015

4,536,853

4,564,083

38,848,622

38,441,131

37,815,336

37,795,690

37,375,915

9.72%

8.26%

8.02%

7.81%

7.81%

8.00%

8.00%

8.00%

8.00%

8.00%

1.72%

0.26%

0.02%

-0.19%

-0.19%

9.46%

8.25%

8.16%

8.11%

8.15%

10.50%

10.50%

10.50%

10.50%

10.50%

-1.04%

-2.25%

-2.34%

-2.39%

-2.35%

13.28%

12.10%

12.06%

12.00%

12.21%

14.50%

14.50%

14.50%

14.50%

14.50%

-1.22%

-2.40%

-2.44%

-2.49%

-2.29%

9.88%

8.42%

8.21%

7.93%

7.93%

9.61%

8.41%

8.36%

8.24%

8.27%

13.44%

12.26%

12.25%

12.13%

12.33%

30.09.2021 31.12.2021

31.03.2022

30.06.2022

30.09.2022

30.09.2021

31.12.2021

30.09.2022

II STATEMENT OF COMPREHENSIVE INCOME

UnAudited

Audited

UnAudited

UnAudited

UnAudited

UnAudited

Audited

UnAudited

FOR THE PERIOD ENDED 30 SEPTEMBER 2022

(Ksh'000)

(Ksh'000)

(Ksh'000)

(Ksh'000)

(Ksh'000)

(Ksh'000)

(Ksh'000)

(Ksh'000)

1

INTEREST INCOME

1.1 Loans and advances

2,576,398

3,408,434

862,353

1,711,252

2,577,967

2,458,466

3,237,689

2,458,722

1.2 Government securities

479,888

663,636

197,714

435,769

690,625

479,888

663,636

690,625

1.3

Deposits and placements with banking institutions

18,256

21,768

4,936

7,469

9,303

18,256

21,768

9,303

1.4

Other Interest Income

-

-

-

-

-

-

-

-

1.5

Total interest income

3,074,542

4,093,838

1,065,002

2,154,489

3,277,895

2,956,610

3,923,093

3,158,650

2

INTEREST EXPENSES

2.1 Customer deposits

1,145,400

1,529,199

367,108

764,686

1,168,518

1,145,400

1,529,199

1,168,518

2.2 Deposits and placement from banking institutions

134,073

168,375

36,812

83,934

117,606

134,073

168,375

117,606

2.3 Other interest expenses

303,764

406,868

100,869

203,066

307,356

296,018

397,664

299,930

2.4 Total interest expenses

1,583,238

2,104,442

504,790

1,051,687

1,593,480

1,575,492

2,095,238

1,586,054

3

NET INTEREST INCOME/(LOSS)

1,491,305

1,989,396

560,213

1,102,802

1,684,415

1,381,118

1,827,855

1,572,596

4

OTHER OPERATING INCOME

4.1 Fees and commissions on loans and advances

98,234

130,434

34,324

69,071

110,277

98,234

130,434

110,277

4.2 Other fees and commissions

112,294

133,071

54,039

82,120

132,820

154,020

177,912

132,820

4.3 Foreign exchange trading income/(Loss)

72,294

48,350

26,180

72,853

101,342

72,294

48,350

101,342

4.4

Dividend Income

-

-

-

-

-

-

-

-

4.5 Other income

52,808

82,100

17,074

49,696

63,018

128,844

181,430

408,832

4.6 Total Non-interest income

335,630

393,955

131,617

273,739

407,459

453,392

538,126

753,271

5

TOTAL OPERATING INCOME

1,826,935

2,383,351

691,830

1,376,542

2,091,873

1,834,510

2,365,981

2,325,867

6

OPERATING EXPENSES

6.1 Loan loss provision

241,004

345,688

27,455

58,564

81,323

169,702

280,645

147,967

6.2 Staff costs

787,354

1,078,966

274,692

560,634

863,079

854,686

1,182,536

965,088

6.3 Directors' emoluments

5,684

18,327

4,944

10,006

17,047

8,426

30,041

25,877

6.4 Rental charges

114,204

147,377

35,057

68,115

98,524

114,204

147,377

98,524

6.5 Depreciation charge on property and equipment

102,066

213,315

25,584

50,478

74,915

114,186

224,829

87,152

6.6 Amortisation charges

173,090

230,985

59,006

117,739

178,806

173,203

231,139

178,920

6.7 Other operating expenses

749,074

1,003,090

236,029

462,377

719,236

925,455

1,129,426

744,997

6.8 Total Other Operating Expenses

2,172,476

3,037,748

662,766

1,327,913

2,032,930

2,359,862

3,225,993

2,248,525

7 Profit/(loss) before tax and exceptional items

(345,541)

(654,397)

29,064

48,628

58,943

(525,352)

(860,012)

77,342

8

Exceptional items

129

(9,930)

-

(1,500)

(1,500)

(1,894)

(15,740)

(3,592)

9 Profit/(loss) after exceptional items

(345,412)

(664,327)

29,064

47,128

57,443

(527,246)

(875,753)

73,750

10

Current tax

(34,102)

(11,989)

-

-

(42,666)

(24,992)

(12,206)

11

Deferred tax

-

295,010

-

-

-

-

307,454

-

12

Profit/(loss) after tax and exceptional items

(379,514)

(381,306)

29,064

47,128

57,443

(569,912)

(593,290)

61,544

13 Other Comprehensive Income

13.1 Gains/(Losses) from translating the financial statements of

foreign operations

-

-

-

-

-

-

-

-

13.2 Fair value changes in available for sale financial assets

53,060

(299)

(83,059)

(92,311)

(124,961)

53,060

(299)

(124,961)

13.3 Revaluation surplus on Property,plant and equipment

-

-

-

-

-

-

-

-

13.4 Share of other comprehensive income of associates

-

-

-

-

-

-

-

-

13.5 Income tax relating to components of other comprehensive income

(16,568)

90

24,918

27,693

37,488

(16,568)

90

37,488

14

Other Comprehensive Income for the year net of tax

36,492

(209)

(58,141)

(64,617)

(87,472)

36,492

(209)

(87,472)

15

Total comprehensive income for the year

(343,022)

(381,515)

(29,078)

(17,489)

(30,030)

(533,420)

(593,499)

(25,929)

Earnings per share

(101.20)

(76.26)

23.25

18.85

15.32

(1.98)

(1.54)

0.21

Dividend per share

-

-

-

-

-

-

-

5

Liquidity

a) Liquidity Ratio

22.50%

22.87%

24.60%

26.02%

23.47%

b) Minimum Statutory Ratio

20.00%

20.00%

20.00%

20.00%

20.00%

c) Excess(Deficiency) (a-b)

2.50%

2.87%

4.60%

6.02%

3.47%

Summary Consolidated Statement of Cashflow as at 30 September 2022

Unaudited

Audited

Unaudited

30.09.2022

31.12.2021

30.09.2021

Shs '000

Shs '000

Shs '000

Net cash used in operating activities

267,740

(212,133)

520,196

Cash flows from investing activities

393,390

(181,553)

(140,456)

Cash flows from financing activities

281,011

521,043

931,096

Net increase/(decrease) in cash and cash equivalents

942,141

127,357

1,310,836

Cash and cash equivalents at 1 January

1,185,773

1,058,416

1,058,416

Cash and cash equivalents at period end

2,127,914

1,185,773

2,369,252

Summary Consolidated Statement of Changes in Equity as at 30 September 2022

Share

Share

Revenue and

Total

capital

premium

other reserves

equity

Shs '000

Shs '000

Shs '000

Shs '000

At 1 January 2022

1,923,071

4,343,512

1,701,705

7,968,288

Profit for the period

-

-

61,544

61,544

Other comprehensive income

-

-

(87,472)

(87,472)

At 30 September 2022

1,923,071

4,343,512

1,675,776

7,942,359

*Notes

The adjusted Capital Ratios includes the expected credit loss provisions added back to Capital in line with CBK Guidance Note issued in April 2018 on implementation of IFRS 9.

These financial statements are extracts from the books of the institution. The complete set of quarterly financial statements, statutory and qualitative disclosures can be accessed on the institutions website www.hfgroup.co.ke. They may also be accessed at the institutions head office located at Rehani House, Kenyatta Avenue/Koinange Street, Nairobi

Peter Mugeni

Robert Kibaara

Prof. Olive Mugenda

Managing Director - HFC Ltd

Group Chief Executive Officer

Chairperson HF Group

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Disclaimer

HF Group Ltd. published this content on 29 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 November 2022 10:30:01 UTC.