The National Housing Trust (NHT) tabled its annual report for the fiscal year ended March 2021 in Parliament, disclosing a two-third reduction in net profit.

The net result for the financial year was $6.9 billion, approximately one-third of the $18.62 billion reported in 2020 and also less than the $23.75 billion in net profit reported in 2019.

The report, however, shows growth in the agency’s assets which now stand at $310.53 billion, a three per cent improvement from $301.77 billion in 2020 and 9.5 per cent more than the $283.85 billion in assets reported at fiscal year end 2019.

Accumulated surplus for the period amounted to $153.97,141, an increase over the $159.18 billion reported in 2020 and $15.21 billion in 2019.

Agency assets for the financial year ended included loan receivables which declined to $238.5 billion, down from $248.77 billion in fiscal year 2020. Assets also included refundable contributions which climbed to $126.24 billion from $117.55 billion the year before.

The trust saw reduced operating activity for fiscal year 2021, reflected in $29.11 billion in operating income; this compared to $34.79 billion at year-end 2020 and $36.36 billion at fiscal year-end 2019.

Actual operating expenditure in the fiscal year ended march 2021 was $10.7 billion, a slight uptick from $9.41 billion at fiscal year-end 2020 and an increase over $8.5 billion at fiscal year-end 2019.

Yield on investments for the review period ended were reported to be at 4.5 per cent for fiscal 2021, this compared to 7.1 per cent in 2020 and 5.6 per cent in 2019.

Efficiency ratios for the review year were reported at 200.3 per cent, this compared to 105.4 per cent in 2020 and 87.3 per cent in 2019. Efficiency ratios compare assets to sales or the cost of goods sold.

Return on capital for the review year was reported at 4.1 per cent, compared to 11.3 per cent in 2020 and 14.6 per cent in 2019. Return on assets for the fiscal year ended was 2.3 per cent. This compared to 6.4 per cent in 2020 and 8.5 per cent in 2019.

Projects completed during the fiscal year included 190 two-bedroom units handed over to beneficiaries at the SilverSun Estate development in Inswood, St Catherine. The trust also handed over 70 serviced lots which were handed over to beneficiaries at Windcrest Hills located in Hellshire, St Catherine.

Mortgage receivables or loans outstanding at fiscal year-end March 2021 were $225.38 billion (2020: $206.12 billion). The loans, together with interest, are repayable in monthly installments over periods ranging up to a maximum of 40 years.

The rates of interest payable range from 0 per cent to 5.5 per cent except for new mortgagors aged 55 years or more who access their loans at rates 2 per cent lower than the rate they would normally receive based on their income bands.

Public sector workers receive an additional one per cent reduction in their interest rates which will be in place for the foreseeable future, the trust indicated.