ZANACO lays claim to being leading bank, as K5.28 billion revenue declared for 2023


Zanaco Bank plc has announced a K5.28 billion revenue for its financial year ended December 2023, making the organization lay claims to being the top performing financial institution in Zambia for the third consecutive year.

The financial institution also declared a dividend of K 0.429 per share.

These announcements were made by the Zanaco Board Interim Chairperson, Regina Mulenga at the post Annual General Meeting media briefing in Lusaka on Thursday.

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.

On the dividend, Mulenga said this was a 47 percent increase from the K0.292 per share declared in 2022.
She also pointed out Zanaco’s positioned to play strongly into the improving economic backdrop with adequate financial resources.

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.

“We leverage ZANACO’s infrastructure, networks and financial capacity to achieve high-impact financial and societal outcomes.

“As we turn 55 this year, we want to reaffirm our commitment to support the growth ambitions of large business, consumers, and small and medium-sized enterprises, as they are an engine for productive capital formation, leading to urgently required economic growth and job creation,” she said.

At the same event, Bank’s Chief Executive Officer, Mukwandi Chibesakunda, said the institution remained focused on delivering on its mid-term plans to maintain a leading position on the market.

Chibesakunda spoke of the firm’s continuous drive on digital agenda and make sustainability integral to its operations by embedding it across business segments.

“We believe the future of financial services is digital and green and prioritising digitisation and sustainability will help drive the banks future growth,” she said.

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