ZANACO posts 11 percent revenue growth, declares K421 million in dividends for 2022

Zambia National Commercial Bank (ZANACO) has declared a dividend of K421 million for the year ended 2022, an increase from the prior year, as it commits to build on the successes achieved so far.

Further, the bank recorded revenue growth of 11 percent year on year to K3.94 billion, according to ZANACO Board Chairman, Patrick Wanjelani.

At a media briefing held in Lusaka on Wednesday, Wanjelani said the performance was attributed to the bank’s focus on delivering on its strategy, as well as participation in key growth sectors of the economy.

He explained that the bank declared a dividend of K0.292 per share, translating in a total value of K421 million from K361 million, an increase of 16 percent from the K0.252 per share in 2021.

“We made progress in our branch and ATM solar implementation programme as part of our climate resilience agenda and were further accredited to the Global Climate Fund. Additionally, we established an agreement with the British International Investment for the extension of funding to small and medium enterprises, women and climate initiatives,” Wanjelani said.

He said they would continue to realise value from innovation and harnessing identified growth opportunities in the market by constantly repositioning the business in line with the Banks’s mandate.

Bank Chief Executive Officer, Mukwandi Chibesakunda, said they had made significant progress with the digital transformation, with its Xpress footprint increasing from 16,758 in 2021 to over 22,000 at end of 2022.

“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 four million customers from 2.5 million in 2021 is a demonstration of what the bank stands for,” Chibesakunda said.

She said the bank’s balance sheet presented a growth of 3.7 percent supported by a 54 percent growth in deposits.

“We further maintained market leadership in loans and advances which closed at K12.12 billion at year end,” Chibesakunda said.

She said they remain focused on delivering on the mid-term plans and would continue to monitor closely the development on the international market with regard to the current happening on the banking sector in the United States of America and United Kingdom.

“We believe the future of financial services is digital and the green and prioritising digitalisation and sustainability will help drive the banks future growth,” Chibesakunda said.

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