Zambia National Commercial Bank Plc Reports 109% Increase in Profit after Tax, Driven by 40% Boost in Total Operating Income

Published On: September 21, 2023Company: Zambia National Commercial Bank Plc (
What was the key driver behind the growth in Zambia National Commercial Bank Plc's profit after tax?
The key driver behind the growth in profit after tax was a 40% increase in total operating income, primarily resulting from an uptick in income earned on Government securities, trading income, and income on fees and commissions.


    • Zambia National Commercial Bank Plc ( saw a 109% growth in profit after tax, increasing from K345 million to K723 million.
    • The profit growth stemmed from a 40% increase in total operating income, primarily bolstered by an increase in income earned on Government securities, trading income, and income on fees and commissions.
    • Operating expenses saw a rise of 32% due to strategic initiatives for boosting shareholder value and enhancing customer experience. However, impairments reduced by 54% due to proactive credit practices.
    • The balance sheet showed resilience as well, witnessing a 29% growth in total assets. Higher cash balances, trading assets, and loans and advances led to the increase in total assets.
    • Total liabilities rose by 27%, mostly due to the growth in customer deposits, reinforcing the Group’s funding and liquidity base to meet regulatory requirements consistently.
    • The Group continues to maintain strong capital adequacy, with a capital ratio of 18.7% post a dividend payout of K422 million.
    • Looking ahead, the Group is focused on operating sustainably and keeping the customer at the core of its strategy. It also plans to continue its integrated reporting and align its strategy to be innovative and future-ready.

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About Zambia National Commercial Bank Plc (

Zambia National Commercial Bank, commonly known as Zanaco, listed on the Lusaka Securities Exchange, serves retail customers, large corporations, agri-business and public sector clients. The bank has evolved into a leading financial institution in Zambia. With the aid of Arise B.V., a leading African Investment Company, Zanaco benefits from technical assistance, international networks and best practices in various areas of banking.

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