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 unaudited results for the period ended 30 June 2023
The Group delivered an exceptional financial performance recording a growth in profit after tax of 109% (K378 million). Profit after tax increased from K345 million to K723 million. This growth was anchored on a 40% (K782 million) increase in total operating income driven by a 26% (K244 million) increase in income earned on Government securities, 192% (K421 million) increase in trading income and a 40% (K133 million) increase in income on fees and commissions.
Total operating expenses were driven by the Group’s strategic initiatives aimed at positioning the Bank to maximise shareholder value and ensure that the Bank remains relevant for the future and improving customer experience. Operating expenses increased by 32% (K374 million) while impairments reduced by 54% (K126 million) due to the prudent and proactive credit practices implemented by the Group. The Group continues to focus on cost containment measures to ensure that its prudent in its resource management.
The exceptional performance in the period was driven by a resilient balance sheet with a growth in total assets of 29% (K8,346 million). This growth was due to an increase in cash balances of 41% (K2,294 million), trading assets 199% (K2,617 million) and 30% (K2,820 million) growth in loans and advances. Total liabilities increased by 27% (K7,233 million) mainly attributable to the growth in customer deposits which recorded a 30% (K6,852 million) growth. The growth is in line with the Group’s strategic intent of maintaining strong funding and liquidity base to meet regulatory requirements at all times.
The Group remains adequately capitalized and continues to prudently utilize its capital to ensure maximum return on investments. As at 30 June 2023, the Group retained a strong capital ratio of 18.7%, after a dividend payout of K422 million.
The Group is committed to operate in a manner that protects and contributes positively to the environment it operates in while ensuring that it remains customer centric. The Group adopted integrated reporting and continues to align its strategy to be innovative and future-fit.
By Order of the Board
KALUBA G KAULUNG’OMBE-INAMPASA
Issued in Lusaka, Zambia on 15 September 2023
Zanaco Plc – Summarised Unaudited Results For The Period Ended 30 June 2023.pdf
The contents of the post above were obtained from third parties, which We, AfricanFinancials, believe to be reliable. However, We do not guarantee their accuracy and the above information may be in condensed form. The reader is encouraged to refer to the original source of the information, which, in most cases, is in PDF format and on the originating company's letterhead. While We endeavour to replicate the original content accurately, We cannot guarantee the absence of errors in the above article and We disclaim any liability regarding reliance on information provided in this article.