Trustco increases dividends despite slump in profits

Trustco has announced an 11% increase in declared dividends for the financial year ended 31 March 2013 despite a huge slump in profits.
For the financial year under review, Trustco recorded a decrease in after tax profit to N$39 million compared to N$ 240 million in 2012 mainly attributed to the group’s aggressive strategy to develop the untapped micro finance and micro insurance markets in the southern African region.
Revenue for the group also declined 17% to 596 million compared to N$713 million in 2012, but despite the drop in revenue, the group increased its net asset value 6% to N$968 million up from N$913 million.
Headline earnings per share dropped 77% to 4.65 cents compared to 20.27 cents in 2012 while basic earnings per share also dropped 85% to 5.41 cents per share from 35.08 cents per share in the previous reporting period.