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Apr 1, 2022

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Zanaco records highest profit after tax in the history of the bank

Zanaco has recorded the highest profit after tax in the history of the bank and the industry resulting in bank becoming the leading commercial bank in Zambia.

Speaking at the post results AGM briefing, which was held on 30 March 2022, CEO, Mukwandi Chibesakunda said that 2021 was an exciting year for Zanaco. “We received awards from Euromoney, the international banker and global finance recognizing our resilience and performance despite the pandemic, our innovation and delivery of solutions meet various stakeholder requirements”, she said.

In addition to recording the highest profit after tax, Zanaco continued to accelerate its transformational journey to become the top transactional customer centric bank in Zambia by ensuring that it takes the lead in, enhanced client experience and efficiencies through innovation.

“We are proud of the progress that we have made in our digital first strategy, particularly in the delivery of our Zanaco Xpress agent solution whose distribution now stands at over 17,000 agents. The growth of our Zanaco Xpress agent solution is as much about making the bank more accessible to our customers, as it is about providing an entrepreneurial opportunity to our communities”, said Ms Chibesakunda.

Some of the key strategic initiatives delivered during 2021 included product and service suite expansion to solution for the various needs of its customers and the enhancement of the banks information security posture to improve cyber security maturity and protection of clients’ data. The bank further invested in the stabilization of its core banking platform to create a foundation for a system upgrade and modernization that will result in more robust service platforms.

“To support the growth in our client base, we continued to evolve our approach to client experience by repositioning the model for effective impact. The growth in our client base to 3 million is a demonstration of what Zanaco stands for, the diverse mix of who we serve and the positive impact we are having on millions of people and businesses in the country”, she added. “It is with a deep sense of responsibility that we recognize our intermediary role of creating value for all our stakeholders, which ultimately contributes to a more resilient Zambian economy for the present and the future”, said Ms Chibesakunda.

In terms of its financial performance, the bank’s balance sheet presented a growth of 35% supported by a 23% growth in deposits. The bank further maintained market leadership in loans and advances which closed at K9.6 billion at year end. In 2021 the bank’s non-performing loans ratio was 3.1% as at 31st December 2021.

“In terms of future outlook, we believe we are well positioned to embrace digital and sustainability developments to compete strongly and transform the face of banking in Zambia. We believe the positive macroeconomic fundamentals will also help in driving the bank’s growth this year and beyond”, concluded Ms Chibesakunda.

For more information on Zanaco visit www.zanaco.co.zm

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