Q FM Africa's Modern Radio
Zambia National Commercial Bank
Zambia National Commercial Bank (ZANACO) has disclosed that its total revenue increased from about one million kwacha in 2015 to one point two million kwacha in 2016.
ZANACO Chief Executive Officer, Henk Mulder, however, said the bank’s Profit after Tax significantly declined from K118 million in 2015 to K30 million in 2016.
Speaking during a media briefing today, Mr. Mulder attributed the decline in profit after tax to increased expenses driven by investments made in the transformation program the Bank has embarked on.
He stated that despite the significant decline in profit after tax, the bank’s total balance sheet grew from about K7.9 million in 2015 to K8.1 million in 2016.
Mr. Mulder adds that ZANACO also recorded an increase in deposits to about K6.2 million in 2016 from about K6 million.
Meanwhile Mr. Mulder says the bank’s outlook for 2017 looks good despite the economy remaining vulnerable.
He says opportunities for growth remain bright with the good rainfall the country has recorded and reduced loadshedding.