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HomeBusinessZanaco closed 2023 with 34 percent revenue growth to K5.28 billion.

Zanaco closed 2023 with 34 percent revenue growth to K5.28 billion.

By JOHN CHOLA

ZANACO says it ended the year 2023 with a solid growth and strong financial performance with it’s revenue growing by 34 percent to K5.28 billion and with the net profit after tax growing by 49 percent to K1.74 billion.

The growth has been attributed to strong customer relationships, investment strategies implemented by treasury, and credit Origination strategies executed by the operating businesses, within a defined risk appetite.

Following the performance recorded in its 2023 financial year, ZANACO board interim Chairperson, Regina Mulenga speaking at the post – AGM media briefing at Intercontinental Hotel on Thursday, March 28, 2024 said the bank declared a dividend of K0.429 per share.

“This is a 47 percent increase from the K0.292 per share we declared in 2022. ZANACO is well positioned to play strongly in improving the economic backdrop with adequate financial resources,” Mulenga said.

She affirmed, notwithstanding the inflationary conditions, the bank will effectively navigate the associated macroeconomic challenges that may arise.

“We leverage ZANACO’s infrastructure, networks and financial capacity to achieve high-impact financial and societal outcomes,” she added.

She said as the bank turn 55 this years, the board and management wants to reaffirm it’s commitment to supporting the growth ambitions of large business, consumers and small and medium-sized enterprises, as they are an engine for productive capital formation, leading to urgently required economic growth and job creation.

She said as the Bank looks to the future, she was confident that the bank would not only maintain its leading position on the market, but also build on the successes achieved so far, for this home-grown bank to attain greater milestones.

And ZANACO Chief Executive Officer, Mukwandi Chibesakunda added that in terms of performance, the bank balance sheet presented a growth of 25 percent supported by a percent growth in customer deposits.

“We maintained market leadership in loans and advances, closing the year at K16.25 billion.

“ We continued to implement a robust business centric credit risk framework supporting growth to all sectors of the economy, underpinned by disciplined loan origination, monitoring and collection,” Chibesakunda said.

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