{"id":8451,"date":"2022-06-10T10:12:29","date_gmt":"2022-06-10T10:12:29","guid":{"rendered":"https:\/\/www.africa-press.net\/botswana\/all-news\/letshego-rakes-in-p11-9-billion"},"modified":"2022-06-10T11:00:50","modified_gmt":"2022-06-10T11:00:50","slug":"letshego-rakes-in-p11-9-billion","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/botswana\/all-news\/letshego-rakes-in-p11-9-billion","title":{"rendered":"Letshego rakes in P11.9 billion"},"content":{"rendered":"

Africa-Press – Botswana. <\/strong><\/span>The interim Group Chief Executive Officer (CEO) of the homegrown Pan African micro lender Letshego, Aupa Monyatsi, said the amassed P11.9 billion in 2021 driven by growth in net customer advances.<\/b><\/p>\n

Monyatsi disclosed in the 2021 Annual Report that performance of the year was largely driven by 17% growth in the net customer advances.<\/p>\n

\u201cLetshego achieved a double digit performance growth with a profit before tax up 11% year-on-year to P1.14 billion and the profit after tax climbing 16% for the same comparative period to P730 million. Asset quality remains strong with the Group\u2019s Loan Loss Ratio (LLR) at -0.1% for the year, or 0.5% if we strip out once-off deductions,\u201d said Monyatsi.<\/p>\n

Furthermore, Monyatsi said the Group\u2019s non-performing loans ratio increased marginally to 5.9% for the year (FY2020: 5.3%), reiterating stability in the Group\u2019s credit and risk management framework.<\/p>\n

He said Net Interest Income saw a gradual increase of 6% year-on-year, and non-funded income increased by 30% year-on-year, buoyed by momentum in new insurance offerings in select markets.<\/p>\n

\u201cIn line with the Group\u2019s commitment to spurring focused investment, the Group\u2019s operating expenses grew 13% 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 said the interim Group CEO.<\/p>\n

In addition, Monyatsi has indicated that within the Group\u2019s lending value stream, Letshego has achieved doubled digit growth in its Deduction at Source portfolio of 114% (FY2021: P10.5 billion).<\/p>\n

\u201cProfitability in Deduction at Source remains positive, buoyed by digital and system enhancements. The year saw slower growth in Micro & Small Entrepreneur, with this portfolio increasing in value by 7% to P859 million (FY2020: P806 million). The Mass Mobile Loans portfolio has enjoyed stronger performance, with growth more than doubling in value to P568 million (FY2020: P231 million),\u201d he said.<\/p>\n

He noted that Letshego remains well capitalised at a 31% capitalisation ratio, and has a strong liquidity position to support future business growth and final dividend of 9.7 Thebe was declared.<\/p>\n

Letshego Botswana CEO Ferguson Ferguson said increasing 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.<\/p>\n

\u201cCustomer borrowing trends and behaviors changed significantly during the year, with a shift from consumption-led credit towards education, household improvement and debt consolidation purposes. As such, Letshego is well aligned with our impact financing the product pipeline,\u201d said Ferguson.<\/p>\n

For his part, Letshego Group Chairman Enos Banda has said the group\u2019s shareholder value has continued to grow in 2021 with ROE increasing to 14% and return on assets steady at 5% respectively.<\/p>\n

\u201cWith the completion of the Capital Allocation and Optimisation exercise, the Group is ensuring efficient use of all capital, thus supporting long term shareholder value and returns through organic and inorganic growth. As promised, the Group will keep its cost to income ratio just above 50%,\u201d he added.<\/p>\n

He said while bringing certain investments forward during of 2022 to accelerate digital transformation, they anticipate lifting their cost to income ratio to approximately 55% in the 2022 financial year.<\/p>\n

\u201cWe anticipate that Letshego\u2019s revenue trajectory will rise significantly in the medium to long term as new products gain traction and we grow our customer base. I am most confident that Letshego\u2019s cost to income ratio will reduce towards its 40% target as our strategies begin delivering in full measure,\u201d he 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. The interim Group Chief Executive Officer (CEO) of the homegrown Pan African micro lender Letshego, Aupa Monyatsi, said the amassed P11.9 billion in 2021 driven by growth in net customer advances. Monyatsi disclosed in the 2021 Annual Report that performance of the year was largely driven by 17% growth in the net […]<\/p>\n","protected":false},"author":84,"featured_media":8450,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8,16],"tags":[233,237,234],"class_list":["post-8451","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-botswana","tag-botswana"],"yoast_head":"\nLetshego rakes in P11.9 billion - Botswana<\/title>\n<meta name=\"description\" content=\"The interim Group Chief Executive Officer (CEO) of the homegrown Pan African micro lender Letshego, Aupa Monyatsi, sa ...\" \/>\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-rakes-in-p11-9-billion\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Letshego rakes in P11.9 billion\" \/>\n<meta property=\"og:description\" content=\"The interim Group Chief Executive Officer (CEO) of the homegrown Pan African micro lender Letshego, Aupa Monyatsi, sa ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/botswana\/all-news\/letshego-rakes-in-p11-9-billion\" \/>\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=\"2022-06-10T10:12:29+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-06-10T11:00:50+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/botswana\/sites\/38\/2022\/06\/postQueueImg_16-62a3244c570ea.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"577\" \/>\n\t<meta property=\"og:image:height\" content=\"572\" \/>\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=\"3 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-rakes-in-p11-9-billion#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/letshego-rakes-in-p11-9-billion\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/botswana\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Letshego rakes in P11.9 billion\",\"datePublished\":\"2022-06-10T10:12:29+00:00\",\"dateModified\":\"2022-06-10T11:00:50+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/letshego-rakes-in-p11-9-billion\"},\"wordCount\":582,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/letshego-rakes-in-p11-9-billion#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/botswana\/sites\/38\/2022\/06\/postQueueImg_16-62a3244c570ea.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Botswana\",\"Botswana\"],\"articleSection\":[\"all news\",\"economy\",\"homepage-english\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/botswana\/all-news\/letshego-rakes-in-p11-9-billion#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/letshego-rakes-in-p11-9-billion\",\"url\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/letshego-rakes-in-p11-9-billion\",\"name\":\"Letshego rakes in P11.9 billion - 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