Letshego Holdings Namibia Reports Strong Financial Performance for 2024

MEDIA RELEASE                              

31 December 2024

Letshego Holdings Namibia Limited (Letshego) is pleased to announce 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.

Key Highlights:

• 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%), which is mostly driven by an increase in headcount to enable our strategy.

• The cost to income ratio remained stable at 47%.

• Profit after tax amounted to N$418.8 million (2023: 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%).

• 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.

Dividends

The 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.

Important Dates:

• Last date to trade cum dividend: 6 June 2025

• First date to trade ex-dividend: 9 June 2025

• Last date to register: 13 June 2025

• Dividend payment date: 27 June 2025

For more information about the share, please contact: The Company Secretary Letshego Holdings (Namibia) Limited at 18 Schwerinsburg Street, Windhoek, Namibia P.O. Box 11600, Windhoek, Namibia.

About Letshego Holdings Namibia

Letshego Holdings Namibia (Letshego) is the holding company of Letshego Bank Namibia and Letshego Micro Financial Services Namibia. Letshego is a leading financial services provider dedicated to transforming lives through its commitment to financial inclusion and ethical business practices. Our innovative solutions and customer-centric approach ensure we remain a trusted partner for individuals and businesses across Namibia, and we are inspired by the positive impact we make on our customers' lives.

This press release highlights Letshego's robust financial performance, good governance, and unwavering commitment to financial inclusion, positioning the company positively in the eyes of stakeholders and the public.

For media inquiries, please contact:

Mrs. Ongame Mutorwa

Communications Manager

Tel: (+264) 81 255 3658

E-mail: OngameM@Letshego.com