Letshego Nam posts impressive results


Letshego Nam posts impressive results

THE SouthernTIMES Mar 19, 2018

    Southern Times writer

    Letshego Namibia this week released an impressive set of financial results showing a marked improvement in non-performing loans from a rather high rate of 4.4 percent to 3.9 percent.  

    The results are more impressive considering the fact that Namibia is experiencing challenging economic circumstances.

    The company declared a dividend of R0.192 per share.

    Speaking at the official release of the results, Letshego chief executive officer Esther Kali attributed the impressive performance to a well laid out customer-oriented approach.  

    “Letshego Namibia is very much in the investment and growth phase of its journey. We are proud to report a promising and positive first set of annual financial results. The last financial year was significant in helping us build a lasting legacy through our inclusive Initial Public Offer (IPO) and subsequent listing on the NSX,” she said.

    The Letshego boss also expressed enthusiasm for the future at a time when most corporates in Namibia have been experiencing a rather challenging operational environment brought about by a liquidity squeeze gripping the southern African country. Letshego also has other operations in Botswana.

    A rather upbeat Kali emphasised that the bank is not only impressed by the financial performance in the just-ended financial year but is also optimistic that its recent listing on the Namibian bourse, which attracted 3,000 new investors, will be a splendid empowerment tool for Namibians who for long have not been key players in terms of ownership of the lucrative financial services sector.

    Letshego, which dispenses microloans mostly to civil servants, also recorded a total revenue increase of 14 percent year on year, increased its loan book by the same margin in the period under review and declared a profit after tax of a moderate 17 percent.

    Kali also reiterated that the financial service provider’s future growth drive is hinged on financial inclusivity and operating within the Namibian legal framework, which encourages players in both non-banking and banking financial sectors to give access to locals in both their ownership and management structures.

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