Trustco Group Holdings reports 85% rise in revenue
DURBAN - The JSE-listed financial services group Trustco Group Holdings reported an 85percent increase in revenue to N$1.48billion (R1.48bn) for the year to end-March, boosted by the contribution from its insurance and investment business.
The insurance and investment business grew its segmental revenue by 241percent to N$1.3bn during the year. The segment reported a 99percent increase in profit after tax to N$292million.
Trustco operates three segments: insurance and investments, resources, and banking and finance. Trustco also reported a 165percent increase in profit after tax to N$725m, while its basic earnings per share surged by 199percent to 71cents a share, and headline earnings per share increased by 157 percent to 70c.
The banking and finance segment turned around a loss of N$52m in the previous year to a profit after tax of N$262m in the current year. The resources segment reported a profit after tax of N$486m.