In compliance with the requirements of the Securities Act No.41 of 2016 of the Laws of Zambia and Listings Requirements of the Lusaka Securities Exchange, the Directors of Zanaco are pleased to announce the audited results for the year ended 31 December 2019:

Financial Highlights

At the beginning of the year, two subsidiaries were operationalised; Digital Shared Services Limited (DSSL) and Zanaco Sporting Club Limited (popularly known as Zanaco Football Club). The DSSL was established to promote a cost effective shared digital platform for all digital payment players in the market. The Zanaco Sporting Club Limited was established on the basis of the requirements of FIFA and CAF coupled with the need to transform the Club into a business entity. The Bank and its subsidiaries are collectively referred to as the “Group”. The highlights compare 2019 results for the Zanaco Group against the 2018 Bank results.

The Group profit increased by 9% from K184 million in 2018 to K200 million in 2019. Total income has increased by 11% from K1,436 million in 2018 to K1,598 million in 2019 primarily due to increase in trading income and interest income from loans and advances. Trading income grew by 328% compared to prior year on account of increased volumes of transactions as well as an improved product mix offering. Interest income from loans and advances increased by 16% from 2018. This is reflective of the growth of the loan book propelled by the increase in customer deposits. The loan book has grown by K610 million from K4,207 million in 2018 to K4,817 million in 2019. The non-performing loans (NPL) ratio continued to improve from a high of 28% at the beginning of 2018, dropped to 8.5% in December 2018 and stood at a low of 6.2% at the end of 2019. Operational costs increased by 7% mainly due to inflationary changes and investment in business growth.

Total assets increased to K11,885 million from K10,614 million. Customer deposits also increased to K9,848 million from K8,900 million representing a 11% increase.


The Group’s capital adequacy ratio of 14.51% as at 31 December 2019 remains well above the minimum required adequacy ratio of 10%.


The Group will continue with its innovation and development of customer-centric products in response to the current challenging business environment. The Group has also embarked on digital development programs which will help the Bank compete favorably in the market and help transform the face of banking in Zambia.

By Order of the Board

Kaluba G Kaulung’ombe-Inampasa
Company Secretary

Issued in Lusaka, Zambia on 06 March 2020

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First Issued on 06 March 2020

ZANACO | 2019 abridged financial results.pdf