Letshego records N$496 million profit after tax – revenue increases by 11%
Letshego Holdings Namibia this week announced an admirable set of financial results for the financial year ending 31 December 2018.
Amidst challenging economic conditions experienced in 2017 and continues to pervade the 2018 financial year, Letshego’s total revenue increased by 11% backed by growth in advances to customers of 5%, bringing the company’s profit to N$496 million for the financial year ending 31 December 2018.
The company’s cost to income ratio decreased to 23% from 24% in 2017 with a final dividend of 23.5 cents per share in the period under review.
According to a statement the company is celebrating a set of strong financials with the evolution of its business model as it continues to launch its banking solutions to several of its access points across the country.
During 2017 and 2018, economic activity remained subdued across the key economic sectors and drought conditions added to the headwinds facing the economy.
Letshego Namibia however faced these challenges head on as it makes significant progress in its transformational journey and remains focused on achieving its strategic agenda, the statement added.
“Throughout its diversification journey, we remain committed to improving life by actively engaging and uplifting our customers through promoting a culture that encourages productive lending in the form of our Improving lives campaign and related financial literacy initiatives,” said Sven Von Blottnitz, Board Member of Letshego.
Meanwhile, the company’s Board Chairman, John Eugene Shepherd has tendered notice of resignation and will be stepping down on 30 April.