Group records double-digit growth in Profit before tax -A successor to be announced soon
Letshego Group Managing Director, Chris Low has left the local financial services provider when the company couldn’t be doing any better.
The Group Chief Financial Officer (CFO), Colm Patterson announced Low’s departure on Monday at the company’s Reviewed
Financial Results announcement.
Colm also announced that the company has realized a 19 percent increase in Profit before tax, which stood at P590 million for the first half of 2018.
The company also reports, through the announcement made by Colm, that gross loans and advances to customers increased by 12 percent to P8.7 billion while deposits from customers went up by 278 percent to P387 million.
The Group CFO also said the company disbursed P1.7 billion in new loans compared to the P1.4 billion for the same period last year. “Total borrowing customers increased to 549, 003, a 203, 973 increase from 2017’s 345, 030 borrowers,” he said.
He also said the company’s saving customers grew to 234, 148, an increase from last year’s 120, 406 savings customers.
Low leaves after a five-year stint, where he was at the helm of the locally founded company that has grown to operate in over ten African countries including Ghana, Nigeria, Eswatini, Mozambique, Tanzania, Rwanda, Kenya, Lesotho, Uganda, and Namibia.
He officially ceased his five-year tenure at the company last week Friday.
A communiqué on behalf of the company Board of Directors shared in early August reads in part, “Gaborone has been at the heart of the Letshego business for 20 years and we see a bright future for our operations here, and across the continent.
A Management Transition Team has been established and will be responsible for the management of Letshego while the Board identifies a successor.”
Speaking at the results announcement, Patterson said the announcement of the new MD will be made soon.