Zanaco Plc Exceeds K1 Billion Profit After Tax Mark in 2023, Reports 47% Increase in Profits

Published On: April 14, 2024Company: Zambia National Commercial Bank Plc (ZANACO.zm)
What was a major highlight from Zanaco Plc's 2023 performance?
One of the major highlights was the bank's third consecutive year of exceeding the K1 billion Profit After Tax mark. It also noted a strong 2023 financial performance with a 47% increase in profits and a total asset base of K45 billion.

Summary

  • Zanaco Plc’s Integrated Report for 2023 indicates the bank has exceeded performance metrics from its 5-year strategic plan.
  • The bank has focused on Environmental, Social, and Governance factors in its operations and seen growth in key economic sectors.
  • There is a strategic focus to increase financial services access to the unbanked population and support for small and medium-sized enterprises.
  • Achieved a third consecutive year of exceeding the K1 billion Profit After Tax mark.
  • Key highlights include 34% growth in Group Revenue, 44% growth in Group Profit After Tax, and participation in COP28 in support of sustainability strategies.
  • The bank plans to grow registered customer numbers to over 5 million by 2025, along with improved service solutions.
  • Board changes were announced, with farewell issued to a few members and welcoming new ones into the organisation.
  • The bank has a continued commitment to key strategic initiatives which include improving customer experience, efficiency, driving growth, and promoting positive sustainability impacts.
  • The 2023 financial performance was strong, with a 47% increase in profits and a total asset base of K45 billion noted.

Useful links

About Zambia National Commercial Bank Plc (ZANACO.zm)

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.

Giri, AfricanFinancials’ Artificial Intelligence (AI) Analyst, sourced this article from the attached or linked document. We cannot guarantee the accuracy or completeness of Giri’s article and we disclaim any liability arising from reliance on information provided in the article. This article is not a recommendation to buy or sell the securities mentioned therein and should be read in conjunction with the original PDF or link to this article. Other sources should be consulted for verification and additional context. Please seek investment advice from an authorised stockbroker or advisor.

Giri

Giri, our AfricanFinancials AInalyst, was born in 2006. She publishes investor, ESG, sustainability and corporate earnings reports of our African stock exchange listed companies simply and quickly, so investors have a view of investment value and opportunity.

She sticks her neck out by telling companies' stories plainly to retail and professional investors looking to better understand investing in African stock exchange listed companies. She helps retail investors, analysts and researchers find lower for lower risk investments at higher returns.

So "See the bigger picture" by reading her top-down views. Go long on African equities. Invest for higher returns. Stay on top and tower above the rest.

Related articles