Namibians deposit N$1.3 billion into Letshego

The total amount of money people have deposited into Letshego has increased from N$828 million in 2023 to N$1.3 billion.

This is according to the company’s latest results released last week.

“Customer deposit mobilisation grew from N$828 million (2023) to N$1.3 billion,” said Letshego spokesperson Ongame Mutorwa.
However, the bank’s capital adequacy ratio has declined from 35% to 30%.

“The bank remains well-capitalised with a capital adequacy ratio of 30% (2023: 35%),” said Mutorwa.

This means for every N$100 the bank has, 30% is set aside for safety.

Additionally, the bank was able to raise N$260 million from its listing on the Namibia Securities Exchange (NSX).

“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,” said Mutorwa.

This was the bank’s first attempt at such a public offering.

Letshego raised N$300 million by launching a new bond programme.

“The bank successfully raised N$300 million through the first issue of the Letshego Bank Namibia listed bond programme on 5 December 2024,” said Mutorwa.

According to her, this is a demonstration of the market’s confidence in Letshego’s financial performance and strategic direction.

The bank also reported an 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.

“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,” said Mutorwa.

This is despite a 14.4% increase in staff and operational expenses, primarily driven by an increase in headcount to support its growth strategy.

The bank also maintained a stable cost-to-income ratio of 47%.

Additionally, the board declared a final dividend of 43.88 cents per ordinary share.

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