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BIHL keeps faith in Letshego despite profit knock

Friday, September 02, 2022 | 670 Views |

Holding on: Lesetedi says BIHL believes in Letshego’s potential PIC: PHATSIMO KAPENG.

BIHL has no plans to exit its 28% stake in Letshego Holdings, despite the microlender recently suffering an 18% pretax profit drop amidst broader doubts around the sustainability of expansions to West and East Africa.

Botswana Insurance Holdings Limited (BIHL), the country’s largest diversified financial services entity, previously incurred running impairments from Letshego over two reporting periods between 2018 and 2019 amounting to P246 million.

In the half year to June 30, BIHL's share of profits from associates dropped to P117.5 million, more than 5.2 percent lower than the previous corresponding period.

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BIHL keeps faith in Letshego despite profit knock

BIHL has no plans to exit its 28% stake in Letshego Holdings, despite the microlender recently suffering an 18% pretax profit drop amidst broader doubts around the sustainability of expansions to West and East Africa.