ZANACO BECOMES FIRST ZAMBIAN BANK TO POST K1 BILLION PROFIT AFTER TAX
By Leah Ngoma
Zambia National Commercial Bank -ZANACO- PLC has posted K1 billion profit after tax in its 2021 financial year prudential results, the highest profits ever achieved by any commercial bank in Zambia.
The K1 billion profit after tax in the 2021 financial year, becomes the largest profit, for the bank, which has in the last five years posted solid results.
Announcing the development in Lusaka today, ZANACO Chief Executive Officer Mukwandi Chibesakunda said despite the effects of covid-19, which continue to affect Zambia and the rest of the world, Zanaco PLC managed to post a 208 percent profit jump, placing the bank as the leading bank in Zambia.
In a speech read on her behalf by bank chief commercial officer Chali Mwefyeni, Ms Chibesakunda says these results have been driven by prudent risk management, solid market share and strategic customer solutions.
she says during the period under review, Zanaco’s revenue increased to k3.9 billion from k2.4 billion recorded in the financial year ended December 2020, largely due to increased interest income in loans and overdrafts and investments in securities, which stood at K1.9 billion and K1.6 billion from K1.1 billion and K986.7 million respectively.
Ms. Chibesakunda says trading income stood at K614.6 million and commission fees at K695.1 million from K377.3 million and k569.7 million respectively.
She says the bank also witnessed growth in its balance sheet to K26.4 billion from K19.5 billion and the bank’s loans and advances grew by 31 percent to K9.8 billion from K7.5 billion in 2020 while investments in securities also grew from K6.1 billion to K9.4 billion.
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