TUHF: All grown up and lots of places to go
In the 5 short years since its original inception, I’m pleased to say that the Trust for Urban Housing Finance (TUHF) has come of age. Originating as a “not for loss” company, we are now a fully fledged corporate company. And a profitable one at that.
For instance, TUHF’s approved loan book of R716 million on a group basis represents an increase of R191 million, which is a 36% increase compared to the 2007 book value of R525.3 million. Furthermore, strong revenue growth was recorded, with an 82.6% increase in net interest income and a 31% increase in non-interest income. Return on equity of 44% (2007: 20.6%) well exceeded our projected target of 18%.
This is due in no small part to the following:
- An urban regeneration model that works
Demonstrating that inner city regeneration in South Africa is both viable and sustainable, TUHF revitalises degraded urban areas by providing finance and business acumen to local business people intent on acquiring run-down properties so that they can upgrade them to desirable yet affordable residential residences.
- Growing the people who’re growing our loan book
TUHF works with people literally from the street up, endowing them with both the financial resources and the specialist business skills necessary to become successful property owners.
- An ever-expanding portfolio of product offerings
These include: TUHF Mortgage Loans, TUHF Bridging Finance, TUHF Deferred Sales,
TUHF Intuthuko Equity Fund and even a specialised TUHF Lending Policy.
- Corporatisation
Over the years we’ve established ourselves and our reputation. This, together with achieving market related returns on equity, has given us the necessary gravitas essential in brokering strategic alliances with important backers like Standard Bank, IFC and Futuregrowth.
It is due to the above and the efforts and contributions of all our players – including our clients – that TUHF has graduated with flying colours to be a substantial commercial enterprise that can rightfully claim its place amongst the best in its market in South Africa.
Yours sincerely,
TUHF CHAIRMAN
Samson Moraba
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.
