{"id":8091,"date":"2022-06-04T15:16:17","date_gmt":"2022-06-04T15:16:17","guid":{"rendered":"https:\/\/www.africa-press.net\/botswana\/all-news\/letshego-profit-up-by-p98m"},"modified":"2022-06-04T17:17:58","modified_gmt":"2022-06-04T17:17:58","slug":"letshego-profit-up-by-p98m","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/botswana\/all-news\/letshego-profit-up-by-p98m","title":{"rendered":"Letshego Profit up by P98m"},"content":{"rendered":"

Africa-Press – Botswana. <\/strong><\/span>Profit after tax at micro-finance firm Letshego Holdings Limited increased significantly by 16 percent (P98.7 million) from P630.8 million as at December 2020 to P729.5 million in the year that ended 31 December 2021, the company\u2019s integrated released recently annual report shows.<\/b><\/p>\n

This is the Group that also saw its non-performing loans ratio increasing marginally to 5.9 percent for the year (FY2020: 5.3 percent), an instance that Letshego Interim CEO, Aupa Monyatsi, said reiterates stability in the Letshego\u2019s credit and risk management framework.<\/p>\n

\u201cPerformance for the year was largely driven by 17 percent growth in net customer advances, totaling P11.9 billion,\u201d says Monyatsi in the report. \u201cNet Interest Income saw a gradual increase of 6 percent year-on-year, and non-funded income increased by 30 percent year-on-year, buoyed by momentum in new insurance offerings in select markets.<\/p>\n

In line with the Group\u2019s commitment to spurring focused investment, the Group\u2019s operating expenses grew 13 percent year-on-year. Investment is expected to increase further during the final phase of Plan 2, which runs out by the end of the 2022 financial year.\u201d<\/p>\n

Monyatsi stated that in the Group\u2019s lending value stream, Letshego achieved double digit growth in its Deduction at Source portfolio of 14 percent (FY2021: P10.5 billion). \u201cProfitability in Deduction at Source remains positive, buoyed by digital and system enhancements,\u201d he noted.<\/p>\n

\u201cThe year saw slower growth in Micro & Small Entrepreneur, with this portfolio increasing in value by 7 percent to P859 million (FY2020: P806 million). The Mass Mobile Loans portfolio enjoyed stronger performance, with growth more than doubling in value to P568 million (FY2020: P231 million).\u201d<\/p>\n

In the Group native country, Botswana, CEO Fergus Ferguson said COVID-19 continued to influence business in the year under review. \u201cThis is because movement restrictions during the year led to the acceleration and development of digital channels across financial and other sectors,\u201d Ferguson noted.<\/p>\n

\u201cIncreasing competition within Botswana\u2019s non-bank lending sector favours Botswana\u2019s consumers as this is leading to more competitive pricing as well as the need for service providers to continuously evolve and innovate customer value propositions.\u201d<\/p>\n

He noted that customer borrowing trends and behaviours changed significantly during the year under review, with a shift from consumption-led credit towards education, household improvement and debt consolidation purposes. \u201cAs such, Letshego is well aligned with our impact financing product pipeline,\u201d Ferguson said.<\/p>\n

For More News And Analysis About Botswana<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Botswana. Profit after tax at micro-finance firm Letshego Holdings Limited increased significantly by 16 percent (P98.7 million) from P630.8 million as at December 2020 to P729.5 million in the year that ended 31 December 2021, the company\u2019s integrated released recently annual report shows. This is the Group that also saw its non-performing loans […]<\/p>\n","protected":false},"author":84,"featured_media":8090,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,7,8,16],"tags":[233,237,234],"class_list":["post-8091","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-head-lines","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-botswana","tag-botswana"],"yoast_head":"\nLetshego Profit up by P98m - Botswana<\/title>\n<meta name=\"description\" content=\"Profit after tax at micro-finance firm Letshego Holdings Limited increased significantly by 16 percent (P98.7 million ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/botswana\/all-news\/letshego-profit-up-by-p98m\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Letshego Profit up by P98m\" \/>\n<meta property=\"og:description\" content=\"Profit after tax at micro-finance firm Letshego Holdings Limited increased significantly by 16 percent (P98.7 million ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/botswana\/all-news\/letshego-profit-up-by-p98m\" \/>\n<meta property=\"og:site_name\" content=\"Botswana\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2022-06-04T15:16:17+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-06-04T17:17:58+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/botswana\/sites\/38\/2022\/06\/img-629b93adacee5.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1642\" \/>\n\t<meta property=\"og:image:height\" content=\"899\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/letshego-profit-up-by-p98m#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/letshego-profit-up-by-p98m\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/botswana\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Letshego Profit up by P98m\",\"datePublished\":\"2022-06-04T15:16:17+00:00\",\"dateModified\":\"2022-06-04T17:17:58+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/letshego-profit-up-by-p98m\"},\"wordCount\":396,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/letshego-profit-up-by-p98m#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/botswana\/sites\/38\/2022\/06\/img-629b93adacee5.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Botswana\",\"Botswana\"],\"articleSection\":[\"all news\",\"economy\",\"head lines\",\"homepage-english\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/botswana\/all-news\/letshego-profit-up-by-p98m#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/letshego-profit-up-by-p98m\",\"url\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/letshego-profit-up-by-p98m\",\"name\":\"Letshego Profit up by P98m - 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