Letshego reaps healthy profit in 2018
08 March 2019 | Business
Letshego Holdings Namibia made a net profit of nearly N$468.9 million in its past financial year, an increase of around N$83.6 million or 22% compared to its 2017 book-year.
The locally-listed company reported net interest income for the year ended 31 December 2018 of nearly N$596.7 million, about 5.9% higher than 2017. Fee income dropped by 47% to about N$1.2 million.
A credit impairment charge of about N$18.2 million was reported compared to a release of nearly N$9.6 million in 2017.
Basic earnings per share (EPS) increased by 22% to 94c, while headline earnings per share (HEPS) rose by nearly 30.6% to 94c.
A dividend of 23.5c per share was declared.
Letshego Namibia described its latest set of financial results as “admirable”.
“Amidst challenging economic conditions experienced in 2017 and continued to pervade the 2018 financial year, 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 company said in a statement.
“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,” board member Sven von Blottnitz said.