Letshego Ghana Savings and Loans PLC, a payroll lender, despite the difficult macroeconomic environment, posted impressive financial results for the first half of 2024.
Profit after tax of the company for the period under review grew by 223 per cent to GH¢42.9 million from GH¢1.8 million in the same period last year, whiles operating income soared by 282 per cent to GH¢91 million from GHc23 million in the period under review.
Total assets of the company grew by 47 per cent, mainly driven by net loans and advances increase which went up by 36 per cent, while the cost-to-income ratio of the company went down to 51 per cent in the first quarter of the year, a decrease of 19 per cent from the prior period.
Speaking at the company’s turn of the fact behind the figures series of the Ghana Stock Exchange in Accra on Wednesday, the Chief Executive Officer of Letshego Ghana PLC, Nii AmankraTetteh, said despite facing significant macroeconomic headwinds, the company demonstrated robust growth and resilience, reinforcing its commitment to delivering value to its stakeholders.
“Our performance in the first half-year is a testament to the resilience and adaptability of our business model. We have successfully navigated a challenging macroeconomic environment while delivering strong financial results and making significant strides in our strategic initiatives. We are committed to continuing this trajectory, driving innovation, and delivering value to our customers, shareholders, and the broader community,” Mr Tetteh, highlighted.
He indicated that, “The Company transitioned its portfolio mix to a balance between Deduction-at-Source (DAS) and Mobile Lending, driving a 218 per cent year-on-year increase in operating income. The company also achieved enhanced customer experience by reducing its loan origination turnaround time from 24 hours to 12 hours through automation and digitalising loan settlements and refund requests.”
He indicated that Letshego Ghana PLC for the first half of the year disbursed loans to the total of GH¢2.8 billion to about 6.5 million customers, adding that the Qwikloan product had seen significant growth with non-urban customer segment increasing by 114 per cent year-on-year.
The Managing Director of GSE, Ms Abena Amoah, in his remarks said Letshego Ghana PLC was one of the companies which took the fact behind the figures series seriously and lauded the company by regularly updating its stakeholders on the Accra bourse.
Commended the company for its sterling performance and urged management not to rest on its oars but work harder to improve on the company’s performance.
Ms Amoah entreated corporate bodies in the country to utilise the Accra bourse to raise short and long-term capital in order to finance their businesses.
