Letshego Holdings Namibia Limited has reported a total revenue increase of 15% year-on-year and a profit after tax of N$418.8 million, which is an increase of 18.5% from N$353.3 million in 2023. 

This is as the latest financial results for the year ended 31 December 2024 indicate Letshego demonstrated remarkable financial resilience and strategic adaptability amid an evolving economic landscape.

According to the recently-released figures, Letshego’s total revenue increased by 15% (2023: 14%), primarily driven by an increase in advances to customers. Staff and operational expenses increased by 14.4% (2023: 1.2%), mostly driven by an increase in headcount to enable the corporate strategy while the cost to income ratio remained stable at 47%.

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%, and the bank remains well-capitalised with a capital adequacy ratio of 30% (2023: 35%).

The customer deposit mobilisation grew from N$828 million (2023) to N$1.3 billion and the inaugural social listing on the Namibia Stock Exchange received total bids of N$322 million and successfully issued N$260 million in three-year senior unsecured notes across five investors. 

Moreover, Letshego successfully raised N$300 million through the first issue of the Letshego Bank Namibia listed bond programme on 05 December 2024.  This successful fundraising initiative demonstrates the market’s confidence in Letshego’s financial performance and strategic direction.

In terms of dividends the Letshego board declared 43.88 cents per ordinary share, reflecting Letshego’s strong financial performance and commitment to delivering value to shareholders.

Letshego Holdings Namibia (Letshego) is the holding company of Letshego Bank Namibia and Letshego Micro Financial Services Namibia.