ZANACO customer base grows by 16%

Chief Executive Officer Bruce Dick

The Zambia National Commercial Bank (ZANACO) has announced that its customer base grew by 16 percent in 2015 from 850, 000 in 2014 to 978,000.

Chief Executive Officer Bruce Dick says this was despite the challenge of the tightened monetary policy stance of the Central Bank.

Mr. Dick has told a media briefing in Lusaka today that the bank also grew its total revenue base by 10 percent from K973 million in 2014 to K1.068 million in 2015.

He however, notes that the bank’s Profit before Tax declined by 23 percent from K367 million to K283 million.

Mr. Dick explains that this was mainly due to increasing funding costs arising from a tight liquidity environment and increasing operating costs due to the exchange rate effect.

He states that notwithstanding the slow-down in Profit Before Tax, the ZANACO’s balance sheet grew by 19 percent from K6, 664 million in 2014 to K7, 946 million in 2015.