CHAMWE KAIRAÂ
Letshego Holdings Namibia Limited (LHN), listed on the Namibian Stock Exchange, has announced its 9th Annual General Meeting (AGM) will take place on Friday, 27 June, in Windhoek.
The AGM will cover key resolutions for the financial year ending 31 December 2024. Shareholders will consider the company’s audited financial statements and reports from the board and independent external auditors.
Shareholders will vote to ratify two dividend payments: an interim dividend of 39.89 cents per share paid in November 2024 and a final dividend of 43.88 cents per share, to be paid on 27 June.
Mansueta-Maria Nandjila Nakale, an independent non-executive director with over 20 years of experience in investment management and corporate governance, is up for re-election.
The meeting will include approval of the 2024 remuneration as disclosed in the Integrated Annual Report and a recommendation to keep fees unchanged for the coming year. Shareholders will also confirm Ernst & Young Namibia as auditors, with Fadzai M. Madzamba as audit partner, subject to regulatory approval by the Bank of Namibia.
Shareholders will vote to empower directors to implement all resolutions passed at the meeting.
In 2024, Letshego issued its inaugural social bond listing of N$260 million in three-year senior unsecured notes across five investors. The social bond received total bids of N$322 million and published its Social Financing Framework.
Total revenue increased by 15% year-on-year, mainly driven by growth in advances to customers. Return on average equity rose to 15%, while the cost-to-income ratio remained at 47%. The bank’s capital adequacy ratio stood at 30%, down from 35% in 2023.
Profit after tax rose by 18.5% despite high interest rates and global economic uncertainties.
Net interest income grew by 25% to N$549 million, supported by a 14% increase in net advances to customers and repricing of low-interest loans. The nonperforming loans ratio improved to 5.10%, showing stability in credit and risk management.
