Trustco’s Q1 profits up 12.3%

Financial services group Trustco has recorded a 12.3% increase in net profit in the first quarter of its current financial year despite declining revenues.
The increase in profit for the quarter ended 30 June 2013 was underpinned by strong performances in the local micro insurance business segment and the group’s micro-finance and education segment.
The Namibian insurance segment contributed 3.13 cents per share to headline earnings per share (HEPS) which represents a 66% growth on the comparative quarter. The increase was attributed to a combination of organic growth and innovative new offerings.