Letshego crosses ¢1bn in total assets
Letshego Savings and Loans Ghana, a subsidiary of Pan-African inclusive finance entity, Letshego Group, has announced positive full year financial results for the year ended 31st December 2021.
Total Assets grew by 93%, propelling the company to cross ¢1 billion.
Net loans and advances to customers grew by 58% as a result of increased disbursements of its loan products, driven by focused initiatives and strategic campaigns to drive volumes.
Deposits also increased by a staggering 191%, triggered by strengthened partnerships as institutional and individual customers increased their uptake of the company’s ‘LetsGo Accounts’ that offer highly competitive yields and convenient transaction capabilities.
Deposit mobilisation remains a priority for the company, evidenced by the increased deposit customer numbers.
Letshego Ghana’s operating expenses decreased by 23% year-on-year due to robust cost management measures to deliver operational efficiencies and a tight budget focus.
Presenting its records at the ‘Facts Behind the Figures’ series at the Ghana Stock Exchange, Chief Executive of Letshego Ghana, Arnold Parker said the continuous investments in technology over the years seems to be paying off for the company.
“One of the metrics that investors have paid attention to is Letshego’s Bond Covenant Ratio. Being the only listed bond on the GSE with a rating, the company has taken pains to ensure that it consistently outperforms the benchmark rate of 150%” he disclosed.
The ratio measures how much funds the company has raised vis-à-vis how much it has disbursed into earning assets. The Ratio stood at 317% as at 2021.
“Letshego 2021 performance was largely positive, despite navigating our way through an ongoing global pandemic. We are advancing in our digital transformation journey as we shift gears to become a world class financial services organisation that leverages digital and end-to-end automation to unlock significant enterprise value to improve the lives of our customers and communities across Ghana”, he added.
The company remains passionate about up skilling and empowering employees, customers and members of the community with future-fit, digital skills that support sustainable financial inclusion and digital-savvy economies for Ghana’s long-term benefit.
Other people-first initiatives include the introduction of agile ways of working and the extension of Letshego Group’s online digital learning portal, where all employees have access to over 4,000 globally accredited training and skill-enhancing courses.
Source: Ghana News
