04 Sep 2019

Letshego Group’s interim chief executive officer, Mr Dumisani Ndebele, says fundamentals of the company’s financial results continue to be robust having achieved positive alignment with performance from the first half of 2018.

He said this during a recent review session in Gaborone where he presented the company’s half year financial performance.

He noted that the group’s financial performance for the first six months of 2019 had been within expectations.

Mr Ndebele said the group had made progress in the areas of focus for 2019, which included reduction on the cost to income ratio, cost of credit risk and the effective tax rate.

Financially, Mr Ndebele said the group’s performance had remained satisfactory with a two per cent increase in profit.

Letshego made profit before tax of P600 million.

Moreover, Mr Ndebele noted that the company was progressing with appointments to fill vacant positions.

He noted, however, that while this was happening, the executive management team remained in place and achieved financial targets as well as commencing an overall review of the medium and long term strategic objectives.

Letshego chief financial officer, Mr Colm Patterson, explained that with the current financial performance, the board expected the company’s financial fundamentals to remains robust over the next 12 to 18 months despite risks associated with its regional expansion.

He also stated that the group’s biggest market had made significant portfolio growth, noting that they would continue to improve credit processes in order to strengthen what they do. ENDS