TUHF: The results speak for themselves.

 

As the graph above and the following results will testify, TUHF has grown exponentially since its inception 5 years ago, particularly in the year under review. For instance:

• Group profit before tax grew by 99.52% to R4 468 149, notwithstanding the loan impairment provision increasing by 26% to R3 098 232 (2007: R2 457 168).
  
• Contributions from non-interest income amounted to R7 102 807 (2007: R5 420 731).
  
• Profit after tax was R2 677 368 (2007: R1 199 149).
  
• Taxation accounted for R1 790 781 (2007: R1 040 262).
  In this period our loan book increased by over 36%, adding over R191 million in authorised loans, which increased the book to over R716 million (2007: R525.3 million). In addition, advances after repayments grew by 82% to R382.8 million (2007: R209.9 million).

A good business doing good.

To date, TUHF has financed 9805 units in less than 5 years, of which 90% qualify as low income housing, targeted at joint income earners garnering between R2 500 and R10 000 per month. Apart from the obvious, immediate social upliftment factor, this kind of result makes TUHF’s activities most beguiling to financial institutions wanting to score points in terms of the Financial Services Charter (FSC), which in turn promotes investment into BEE causes, low income housing and agriculture.

Precautionary measures.

At the time of writing, TUHF’s default loan rate stands at 0.22% of the loan book; quite exceptional considering the recent dramatic rise in interest rates. This can be attributed to TUHF continually monitoring loans, and negotiating and implementing remedies where necessary. Incidentally, TUHF practises strict, but courteous credit control and won’t finance projects it suspects may be used for anti-social or criminal purposes.
Furthermore, TUHF focuses on quality deals rather than quantity ones, thereby minimising the risk of bad debt and ensuring its “good business” is executed profitably, thus sustaining and creating ongoing lines of quality credit.

How the TUHF get going

We’re very proud of our team at TUHF – we only select applicants who share our fundamental values and will add skills and energy to our quest. Most tellingly, we have never yet had to specifically recruit to meet Employment Equity quotas; our best applicants generally turn out to be previously disadvantaged themselves!

With all of the aforementioned in mind, we’re confident our “good business doing good” is going to do even better in the forthcoming fiscal.

Yours sincerely

CHIEF EXECUTIVE OFFICER
Paul Jackson

Please download the Annual Report below. You will need winzip to open .zip files and Adobe Acrobat Reader to view them.

2009 Annual Report (2.4MB)

Phone our offices on 011 276 1440 to receive the hard copy of the Annual Report.