Letshego Holdings Namibia Limited has announced a strong financial performance in its reviewed consolidated financial results for the year ended 31 December 2024.
With a total revenue increase of 15% year-on-year and a profit after tax amounting to N$418.8 million, an increase of 18.5%, Letshego has demonstrated remarkable financial resilience and strategic adaptability amid an evolving economic landscape.
Some key highlights of this year’s performance are that the company’s total revenue increased by 15%, primarily driven by an increase in advances to customers, and that staff and operational expenses increased by 14.4%, which is mostly driven by an increase in headcount to enable the company’s strategy.
“The cost to income ratio remained stable at 47%,” stated Letshego Namibia’s CEO Dr Ester Kali.
Profit after tax amounted to N$418.8 million in 2024, while in 2023 it was N$353.3 million, an increase of 18.5%.
Return on average equity increased to 15% (2023: 13%) and return on average assets remained stable at 6%.
Basic and headline earnings per share were 84 cents (2023: 71 cents), an increase of 18.5%.
“The bank remains well-capitalised with a capital adequacy ratio of 30% (2023: 35%),” Kali stated.
“Customer deposit mobilisation grew from N$828 million (2023) to N$1.3 billion.
“The inaugural social listing on the NSX received total bids of N$322 million and successfully issued N$260 million in three-year senior unsecured notes across five investors.
“Successfully raised N$300 million through the first issue of the Letshego Bank Namibia listed bond program on 05 December 2024.
“This successful fundraising initiative demonstrates the market’s confidence in Letshego’s financial performance and strategic direction.”
Kali also stated that the company’s Board has declared a final dividend of 43.88 cents per ordinary share, reflecting Letshego’s strong financial performance and commitment to delivering value to shareholders.
In the photo: Letshego Holdings Namibia CEO Dr Ester Kali.
