ZANACO reports K1.8 billion profit for 2024, declares dividend of K0.438 per share

Zambia National Commercial Bank Plc (ZANACO)) says it has recorded a profit after tax (PAT) of K1.8 billion for the year ending December 2024, reflecting a two percent increase from K1.76 billion in 2023.

The bank’s performance was reportedly driven by a six percent growth in operating income, alongside disciplined cost management, with operating expenses rising by 10 percent, remaining below inflation levels.

Speaking at the Annual General Meeting (AGM) held on Thursday, ZANACO Board Chairman, Professor Oliver Saasa, noted that the year presented a mix of challenges and opportunities shaped by inflation, drought, and power shortages.

“Despite these factors, ZANACO remains a trusted partner for our customers, communities, and stakeholders,” Saasa said.

Bank’s Chief Executive Officer, Mukwandi Chibesakunda, highlighted that customer deposits grew by six percent to K36.02 billion, while customer loans expanded by 24 percent to K19.98 billion, reinforcing the bank’s commitment to financing Zambia’s key economic sectors.

“Our share price surged from K3.80 to K5.54, driving market capitalization growth from K5.48 billion to K7.99 billion, and earnings per share (EPS) increased by three percent to K1.24,” Chibesakunda stated.

The bank declared a dividend per share of K0.438, reflecting a two percent year-on-year increase, in line with its policy of distributing 35 percent of profit after tax to shareholders.

She stated that beyond financial performance, the bank had strengthened its market position by expanding financial inclusion.

The bank increased its Express Agent network from 27,602 in 2023 to 32,944 in 2024, with significant growth in rural areas, enhancing accessibility and creating employment opportunities.

The bank remained Zambia’s largest financial institution by market share, reinforcing its leadership through strategic growth and digital banking expansion.

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