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HFC Bank gives out another house

…investment services hold AGM

By Kofi Ahovi
HFC Bank (Gh) Limited, has held the second draw of its 2010 Homesave Promotion to reward its cherished customers for their dedication and loyalty to the Bank.

Sophia N.K. Aryee, a customer of the Ridge branch of the Bank emerged the proud winner of the draw and takes ownership of the second two-bedroom detached house located at Oyarifa near Accra.

Three months ago, John Arhinful Mensah, a 30-year-old Information Technology Specialist resident in Takoradi in the Western Region, won the first of the three houses in the 2010 HFC Homesave Promotion and took delivery of another two-bedroom detached house also at Oyarifa.

When the news of her win was announced to her over the phone, Madam Aryee, obviously in high spirits, expressed gratitude to HFC Bank and urged all customers and the general public to enter the draw.

In a brief speech, the Executive Director of the Bank, Akwete Akita said the Homesave Promotion is not only an innovative way of encouraging people to save but is also a vehicle by which the Bank as a Home Loan Provider makes good its promise of helping to expand the capacity of every income-earning Ghanaian to own a home.

In the past 21 years, HFC Bank has been committed to improving the housing needs of Ghanaians both home and abroad through mortgage loans. This is in sync with the Bank’s core business of promoting the goals of home ownership.

The third and final draw of the Homesave Promotion will be held in September 2011 to make a third HFC Bank customer a home owner.

In a separate development, the HFC Investment Services Limited, a subsidiary of HFC Bank (Ghana) Limited, has held the 17th annual general meeting on all its managed funds; Unit Trust, Equity Trust, Future Plan and Real Estate Investment Trust (REIT).
HFC Unit Trust achieved a yield of 12.49% for the year ending December, 2010 as against a yield of 23.50% achieved in 2009. This was mainly attributable to the significant reduction in market rates. The performance of the fund however, compared favorably with government of Ghana Treasury instruments.
The fund size increased from GHc21.52 million in 2009 to GHc26.93million in 2010 representing a growth of 25.15%.

According to Peter Larbi-Yeboa, General Manager of HFC Investment Services, “In addition, our prudent investment strategy also paid off due to the active realignment of the HFC Unit Trust Portfolio to obtain better returns on our investments. These developments all together contributed significantly to the growth of the fund value in 2010.

The HFC Real Estate Investment Trust recorded GH¢4,389,548 as a total increase in net assets in 2010 as against GH¢3,312,946 in 2009. During the year under review, the fund fully completed and sold 16 units of two bedroom houses in Community “25” at Tema, which influenced the performance of the Fund to return a yield of 16% during the year.

The value of fund also increased from GH¢5.66 million to GH¢9.57 million, an increase of 70% over the period under review.
The HFC Future Plan Trust outperformed its market benchmark, which is computed as the weighted average of 60% GSE All share index and 40% one year Treasury note-24.41%, by 15.80 percentage points to close the year 2010 with a yield of 40.21%. the main contributor was the equities portfolio which benefited from the 2010 rebound of the stock market performance.

The HFC Equity Trust rebounded from its 2009 performance of negative 19.94% to close the year 2010 with a yield of 25.12%. the fund consolidated its position in equities like CAL, Fan Milk, GOIL, HFC, SG-SSB and TOTAL with additional purchases. The net fund value increased by 37.68% to GHc1.99 million in 2010 from GHc1.44 million in 2009. This was driven largely by the rise in the prices of existing assets being held and the growth in new investments.

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