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BIHL mum as Letshego slips deeper

Friday, April 05, 2024 | 2010 Views |

Botswana Insurance Holdings Limited (BIHL) has opted to keep mum on the downward performance of its associate, Letshego Holdings, despite the microlender’s troubles eating deep into the group’s performance.

For the year ended December 2023, Letshego reported an 82% drop in pretax profit from P684 million to P121 million.

The downward trend extends further to the previous financial year in 2022 where Letshego reported a 30% drop in pretax profits to P801 million, with the weaker performance partly due to below-par performances in Ghana, Tanzania, Kenya, Nigeria, and Rwanda. The pre-tax profits for the year to December 2022 were later restated to P684 million to take account of the effects of inflation in accordance with international accounting standards.

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