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Housing Finance of Kenya Heads for Biggest Gain in Three Years

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Nov. 3 (Bloomberg) -- Housing Finance Co., Kenya’s only publicly traded mortgage lender, headed for its biggest gain in three years after reporting profit surged 63 percent in the three months through September.

The stock gained for the second day, rising as much as 8.7 percent, the most on a closing basis since Nov. 4, 2008, to 17.45 shillings and trading 5.9 percent up at 17 shillings by 11:12 a.m. in Nairobi.

Third-quarter net income rose to 407.5 million shillings ($4 million) from 250.1 million shillings, while total interest income advanced 33 percent to 2.4 billion shillings, it reported on Oct. 31.

“The reason it’s rising is because of the positive sentiment investors are getting from the results,” Deris Mogoi, an analyst with Standard Investment Bank in Nairobi said by phone today. “The mortgage market has improved because we’ve seen the middle income level expanding, so that translates to a bigger customer base for Housing Finance.”

To contact the reporters on this story: Sarah McGregor in Nairobi at smcgregor5@bloomberg.net

To contact the editor responsible for this story: Andrew J. Barden at barden@bloomberg.net

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