Letshego Holdings Namibia has reported a 18.5% increase in profit after tax, reaching N$418.8 million for the year ended 31 December 2024, up from N$353 million in 2023.
“Customer deposit mobilisation grew from N$828 million (2023) to N$1.3 billion,” the company said.
In addition to its strong performance in customer deposits, Letshego achieved key fundraising milestones, including a successful social listing on the Namibian Stock Exchange (NSX), where it raised N$260 million through three-year senior unsecured notes.
Furthermore, in December 2024, Letshego raised another N$300 million through its first bond issue under the Letshego Bank Namibia listed bond program.
“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,” the financial institution said.
Despite a 14.4% increase in staff and operational expenses, primarily driven by an increase in headcount to support its growth strategy, Letshego maintained a stable cost-to-income ratio of 47%.
The company also reported a return on average equity of 15%, up from 13% in 2023, reflecting its strong financial position. The bank’s return on average assets remained steady at 6%, while basic earnings per share increased to 84 cents, up from 71 cents in the previous year.
“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%),” the company’s financial report read.
In line with its robust performance, Letshego’s Board announced a final dividend of 43.88 cents per ordinary share, reaffirming the company’s commitment to delivering value to its shareholders.
Letshego Holdings Namibia is the holding company of Letshego Bank Namibia and Letshego Micro Financial Services Namibia.
