Africa-Press – Botswana. Leading pan-Africa financial services group, Letshego Holdings Limited continues to make headway in building a LetsGo Nation to support Africa’s future creating value and returns for stakeholders in the process. The Group presented its consolidated financial results for the year ended 31 December 2021, set against strong progress in delivery of its accelerated digital strategy, and revealing robust performance despite the socio-economic impacts of the global COVID-19 crisis.
Letshego achieved double digit growth in profit on the back of enhanced digitisation efforts to transform into an entity that sustainably unlocks enterprise value. Letshego aims to cement its vision to deliver world-class retail financial services, focusing on platform customer experience, and supported by ‘product eco-systems’ and multi-tier partnerships within its regional digital hubs. Considerable investment in this strategy was realised in 2021, with 5 distinct ‘Value Streams’ now leading Letshego’s product delivery and customer focus, namely Lending, Savings & Deposits, Insurance, Payments and Lifestyle.
Profit before tax increased by 11% year-on-year to P1.147 billion, and Profit after tax climbed 16% for the same comparative period, to P730 million. Asset quality remains strong, with the Group’s Loan Loss Ratio (LLR) at -0.1% for the year. The Group’s Non-performing loans ratio increased marginally to 5.9% for the year (FY2020: 5.3%), reiterating stability in the Group’s credit and risk management framework. Performance for the year was largely driven by 17% growth in net customer advances, totalling P11.9 billion.
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