26 March 2014

Zambia: Finance Bank Reaps K117 Million

FINANCE Bank Zambia (FBZ) has recorded K117 million profit before tax in the fiscal year ending December 31, 2013 and has plans to list on the Lusaka Stock Exchange (LuSE).

During the year under review, the bank continued to grow in line with its growth trajectory and maintained its position as a leading indigenous commercial bank in Zambia.

FBZ chairperson Rajan Mahtani said during a cocktail party in Lusaka on Tuesday evening that the bank had recorded significant growth in the number of active customers to more than 150,000 representing a growth of 43 per cent.

Dr Mahtani said the bank recorded a profit before tax of K117 million and net profit of K71 million after paying the treasury K42 million in taxes.

"In the two years since handing over Government treasury has been paid K42 million in 2013 and K30 in 2012 by way of corporate tax.

In any mathematician's calculations, it is far above the sum of US$5 million. These numbers exclude almost K40 million which, because of the IFRS Regulations, had to be deferred into 2014," Dr Mahtani said.

Dr Mahtani said the bank's deposit base, which was an important measure of performance, grew from K1.555 trillion as at December 31, 2012 to K2.1 billion as at December, 31, 2014.

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