Staff Writer
Letshego Namibia, the financial services group, has announced the resignation of Rosalia Martins-Hausiku from her position as an independent non-executive director. The decision, driven by personal reasons, was communicated to the company’s board on August 1, 2023, and will take effect on July 31, 2023.
This departure extends to the company’s subsidiaries as well. Since joining the board on May 18, 2017, Martins-Hausiku has played a valuable role within the Letshego group. The company expressed gratitude for her significant contributions during her tenure as an independent non-executive director. In a statement on the Namibian Stock Exchange, Letshego conveyed its appreciation and best wishes for her future endeavors. Her presence will be missed by both fellow board members and the management team.
Martins-Hausiku holds the position of Chief Executive Officer at the Motor Vehicle Accident (MVA) Fund, bringing extensive expertise in the realm of third-party compensation systems. Prior to assuming the CEO role, she occupied various executive positions, including Chief Operations Officer.
The Letshego board comprises several other notable individuals, including Ester Kali (CEO), Karl-Stefan Altmann (Executive Director), Kudzai Chigiji (Independent Non-Executive Director), Kamogelo Chuisiwa (Non-Executive Director), Maryvonne Palanduz (Chairman of Letshego Holdings Namibia and Letshego Bank Namibia boards), and Sven Bloch von Blottnitz (Independent Non-Executive Director).
As per Letshego’s Integrated Annual Report for 2022, the board chairman’s sitting fees amounted to N$120,510, supplemented by an annual retainer of N$181,280. Other directors received N$97,000 in sitting fees along with an annual retainer of N$146,000.
In terms of financial performance, Letshego achieved robust double-digit growth in 2022. The company reported a 10% year-on-year increase in profit before tax, reaching N$394 million. Profit after tax also rose by 16% during the same period, totaling N$350 million. These profits were primarily driven by solid net interest income of N$453 million, stemming from a N$4.7 billion loan book that demonstrated a 9.6% growth. Advances to customers played a pivotal role, contributing to an 11% growth rate at N$4.75 billion. Deposits experienced substantial growth, rising by nearly 40% to N$536 million, compared to N$386 million in the preceding year.
Despite a slight increase in the non-performing loans (NPLs) ratio to 4.97% in 2022 (up from 3.97% in 2021), the Group maintained a strong loan loss ratio (LLR) of 0.22% for the year. The company also achieved a reduction of 3.5% in staff and operational expenses. Notably, Letshego distributed a record final dividend of 44.89 cents per share to its shareholders.
