Trustco rakes in N$170 million in profit
Providing a quarterly update local insurer Trustco reported that total group revenue for the 3 months ended 30 June 2015 was N$170 million, N$147 million in 2014 representing an increase of 16% from the quarter ended 30 June 2014.
Total net profit after tax to the tune of N$49.8 million representing growth of 68% from the prior comparative period. Total headline earnings was N$48.7 million representing growth of 150% from the prior comparative period.
The above resulted in headline earnings per share of 6.73 cents and basic earnings per share of 6.88 cents for the quarter ended 30 June 2015.
Insurance premiums of N$48.7 million represented a decrease of 4.5% from the prior comparative period´s premium revenues of N$51 million, however the segment was able to increase net operating margin by the downscaling of fixed overhead costs relating to sales channels in the south African region.
“The group has taken a decision to accelerate providing serviced property for the large consumer demand in Windhoek, in line with Government´s current national strategy for land delivery,” said Trustco
Its banking arm found its feet quite quickly with gross advances made growing 16% Trustco said. “Total gross advances as at 30 June 2015 was N$876 million compared to N$752 million as at 30 June 2014, reflecting a growth of 16%.”