Zanaco Plc releases its 2022 Annual Report

By Published On: March 7th, 2023Categories: Corporate announcement, Earnings

Chairman’s Report

Dear Valued Shareholders,

We delivered superior performance by reaching market leadership and exceeded the K1 billion Profit After Tax for the Bank recorded in 2021

Performance Against our Strategy

On behalf of the Board of Directors, I am pleased to present the Zanaco Plc 2022 Integrated Report. As we reflect on our 5 year strategy, we are proud of the progress that the Bank has made in realizing the key aspects of our plan and exceeding in several of the initial performance metrics as set out initially.

We have embedded our focus on Environmental, Social and Governance factors into our strategic plan and initiatives. We are committed to ensuring that we deliver sustainable solutions that will not only benefit the Bank, our Customers, our Country, and the wider global Community.

We have made further progress in participating in key growth sectors of the economy and we will continue to focus on making headway in establishing the Bank as a key partner for our customers’ growth.

We delivered superior performance by reaching market leadership and exceeded the K1 billion Profit After Tax for the Bank recorded in 2021.

Some Key Highlights of the Year Include:

  1. Growth in Revenue by 11% to K3.94 billion;
  2. Growth in Profit after Tax by 16% to K1.20 billion;
  3. Progress in our Branch and ATM solar implementation program as part of our climate resilience agenda;
  4. Accreditation of the Bank to the Global Climate Fund (GCF) to support our Sustainability strategic plan; and
  5. Establishment of an agreement with the British International Investment for the extension of funding to SMEs, Women, and Climate Initiatives.

As a Bank, we continue to actively grow our Customer base and Channels, as we remain focused on achieving our 2025 vision by growing our registered customer numbers to well over 4 million, whilst at the same time repositioning our service solutions.

We are pleased to welcome Prof. Oliver Saasa, Mrs. Cecilia Zimba and Mr. Robin Miller to the Board of Directors, subject to their appointments being tabled before the upcoming Annual General Meeting for consideration and possible approval.

We continue to realize value from innovation and harnessing identified growth opportunities in the market by constantly repositioning the business in line with our mandate. We believe the Bank is well positioned to deliver the promises of its ambition to be the Top Transaction Customer-Centric Bank by the year 2025.

I extend my appreciation to the Chief Executive Officer, the Management Team and all Zanaco staff, for their commitment and hard work towards delivering the results that we have achieved so far.

Patrick Wanjelani

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