Mortgage provider Shelter Afrique issues profit warning

Mortgage provider Shelter Afrique issues profit warning.

Mortgage provider Shelter Afrique issues profit warning video duration 1 Minute(s) 7 Second(s), published by KTN News Kenya on 28 03 2017 - 20:41:07.

Mortgage provider Shelter Afrique has issued a profit warning attributing it to an increase the poor performance of its provisions for bad loans signaling a dip in President Uhuru Kenyatta on Affordable Mortgage in Kenya after he LAUNCHED and SIGNING of Kenya Mortgage Refinance Company (KMRC).

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Mortgage provider Shelter Afrique has issued a profit warning attributing it to an increase the poor performance of its provisions for bad loans signaling a dip in profits for the 2017 financial year.Shelter Afrique which has been at the centre of a storm after a forensic audit confirmed allegations of creative accounting and subprime lending at the financier, the mortgage lender is expected to slide in the red. The firm which has listed a 5 billion shilling bond on the Nairobi bourse, says it expects earnings for the period to December 2016 to drop by more than 25 per cent attributed to impairment costs for non-performing loans. “The main reason for the lower earnings in the restated 2015 results and 2016 is a sharp increase in the level of impairment charges to provide for expected losses from the portfolio,” Shelter Afrique said in a trading update. The Pan-African housing financier posted a net profit of 3.1 million USD in 2015, compared to $0.45 million a year earlier.

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