Zanaco set for top-flight services
ZAMBIA National Commercial Bank (ZANACO) is set for a re-launch this month-end to become the top transactional and digital institution in the country by 2020, company managing director and chief executive officer, Henk Mulder, has announced.
And the bank has also announced its financial perfor- mance for the year ended 'ecember 01 which has see improvements in some key areas of operation such as 2perating %efore Ta[ 2%T .
$ccording to 0r 0ulder, Z$1$&2 would re launch its brand this monthend to become a top transnational and digital bank while improving service delivery to clients.
0r 0ulder e[plained that the bank s staff had embraced the institution s strategic direction to become the top transnational and digital bank.
:e are re launching the bank by end of $pril this year and our focus will remain on growing Zambia’s economy and improving our services for our clients, he said.
+e was speaking recently in /usaka when announcing the bank s final performance for the year ended 'ecember 01 .
0eanwhile, 0r. 0ulder said Z$1$&2 among the improvements decided in 01 was 3%T which increased to .1 0 million from a loss of . 0 million in 01 . 0r. 0ulder said investment securities balances increased to . million from . million recorded in 01 , representing an upward adjustment of 0 percent.
The bank grew its revenue by 1 . percent compared to the previous year. They key drivers of this growth includes a . percent growth in fees and commissions on the back of improved business growth in line with the bank strategy to grow non funded income, and a 1 percent growth in investment income from .1 million in 01 to . 01 million in 01 , he said.
+e added that Z$1$&2 recorded the highest deposits on its savings and current accounts during the year under review, making it the second bank with largest deposits in the industry.
2n the outlook, 0r 0ulder said the bank anticipated favourable economic conditions e[perienced towards the end of last year to continue this year.
+e said although the bank e[pected the loan book challenges e[perienced in the industry to continue, the book would start to grow again with positive economic developments.