When Ms. Reinette van der Merwe walked into Letshego Africa Holdings Limited’s (LAHL) corner office, she brought with her more than two decades of banking experience — and a paper trail of numbers that tell their own story. She took over the vacant position as the Group Chief Executive Officer (CEO) effective 1st October 2025.
Before Letshego, she led two banks in Botswana: Barclays Bank Botswana (now Absa Bank Botswana) and First Capital Bank Botswana.
Her story is one written in profits, dividends, and steady growth.
The Barclays Years
Ms. van der Merwe joined Barclays in November 2013, when the bank was a known name. Profit after tax that year stood at P290 million, and shareholders took home 23.5 thebe per share.
That was the baseline. Her full first year (2014) gave a small lift:
- Profit rose to P335.9 million, about 16% higher.
- Dividends stayed flat at 23.5 thebe per share.
The story wasn’t all smooth for her. In 2015, profit slipped to P260.5 million, and dividends were trimmed to 19.4 thebe per share. Total dividend payout fell from P200 million in 2014 to P189 million in 2016 before rebounding with profit growth.
But what came next showed a clear turnaround:
- 2016: Profit jumped to P389.2 million.
- 2017: Up again to P432.1 million.
- 2018: Closed at P454.5 million — her highest under Barclays.
By 2018, profit had grown 57% from where she began in 2013, and dividends had climbed from 23.5 thebe to 31.7 thebe per share, roughly a 35% rise. Cash dividends — the total payout to shareholders — increased from P215 million (2013) to nearly P260 million (2018).
Barclays made more profit and paid more to shareholders by the time she left than when she started.
The First Capital Years
After Barclays, Reinette became CEO of First Capital Bank Botswana in 2021. Unlike Barclays, First Capital is a private bank, so its shares don’t trade on the Botswana Stock Exchange (BSE) — but its financials tell a clear story of rising performance.
Here’s what the numbers say:
- 2020: Profit P69.7 million; dividends P24 million.
- 2021: Profit P103 million; dividends P34.9 million.
- 2022: Profit P169.3 million; dividends P51.5 million.
- 2023: Profit P224.6 million; dividends P60 million.
- 2024: Profit P329.3 million; dividends P90 million.
That is a pleasing straight upward line. Over her four years, profit rose 372%, and dividends grew 275%. Each year was better than the last. For every P1 of profit made in 2020, the bank made almost P5 in 2024.
The Data at a Glance
At Barclays (2013–2018):
- Profit grew 57%.
- Dividend per share rose 35%.
- Cash dividends increased 21%.
At First Capital (2020–2024):
- Profit grew 372%.
- Dividends increased 275%.
- Every year showed growth.
Across both banks, Ms van der Merwe’s record reflects growth in both profitability and shareholder payouts over time.
Total profit growth (first full years to last):
- Barclays (2014 → 2018): +35%
- First Capital (2020 → 2024): +272%
Dividends paid growth (first to last year):
- Barclays: +21%
- First Capital: +275%
Investors will note that Ms van der Merwe’s previous roles were both in Botswana’s competitive banking sector, and both resulted in multi-year profit and dividend growth. As she stepped into Letshego’s leadership, her past record offers shareholders a numerical map of what has come before — and a baseline against which to measure what comes next.