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 (
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.


  • 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.

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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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