ZANACO RECORDS K5.28 BN REVENUE
ZANACO Bank has announced a K5.28 billion revenue for the financial year December 2023.
The bank has boasted of being a top performing financial institution in Zambia for the third consecutive year.
Speaking at the Zanaco post annual general meeting media briefing in Lusaka yesterday, Zanaco Board interim chairperson, Regina Mulenga, said the bank has since declared a dividend of K 0.429 per share.
Ms. Mulenga also proclaimed the net profit after tax of K1.74 billion, attributing it to strong customer relationships, investment strategies implemented by treasury, and credit origination strategies executed by the operating businesses, within a defined risk appetite.
“We ended 2023 as the top performing bank in Zambia for the third consecutive year, recording historical financial performance results.
We thank our over five million customers for their continued support. The continued growth would not have been possible without their confidence in us,” she said. She also pointed out that Zanaco is positioned to play strongly into the improving economic backdrop with adequate financial resources.
Ms Mulenga expressed confidence that the bank would maintain its leading position on the market.
Notwithstanding the inflationary conditions, Mulenga said the bank would effectively navigate the associated macroeconomic challenges that may arise.
And Zanaco Chief Executive Officer Mukwandi Chibesakunda said Zanaco was pleased with the outcome of the debt restructuring process because it means that Zambia would be able to access certain finance at a cheaper cost.
“Our immediate reaction is actually positive and we congratulate the government of Zambia and President Hakainde Hichilema for achieving this outcome. We are now looking forward to seeing benefits, for example we expect that the country maybe upgraded in the near future in terms of the rating, we are also expecting to have some investment flows and we are also expecting the exchange rate to continue reacting positively to the news,” she said.