6 April 2014

Zambia: ZANACO 2013 Profit Swells

ZANACO recorded profit of K186 million in 2013 up from K156 million the previous year. And the bank's customer base increased from 650,000 in 2012 to more than 750,000 in 2013. Zanaco managing director Bruce Dick said the bank's profit after tax grew to K186 million from K156 million in 2012.

Mr Dick said the bank's financial performance in 2013 was impressive due to the favourable operating environment. Addressing journalists in Lusaka, Mr Dick said during the period under review the bank's customer base rose to more than 750,000 from 650,000 recorded in 2012.

"This number includes all the customer segments Zanaco has chosen to serve which include private individuals, small-scale farmers, Small and Medium Enterprises (SMEs),local and international corporate customers and Government," Mr Dick said.

He said the bank's advances portfolio grew from K2,639 million in 2012 to K2,987 million in 2013 representing a growth of 13 per cent.

"With more than 750,000 customers, the bank was determined to continue growing its distribution capacity in line with our strategic ambitions. Our distribution channels include brick and mortar and alternative channels," he said.

Mr Dick said to reach out to more customers, the bank increased the Zanaco Xpress Agency model from 65 in 2012 to 160 as at December 2013.

He said the bank had embarked on an 18-month business efficiency programme.

Mr Dick said the bank would continue to pride itself in attracting and developing the best talents, encouraging diversity and providing the best environment for a performance-driven organisation.

He said the bank proposed a dividend of K43 million for the year 2013.

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