ZANACO Managing Director Henk Mulder

ZANACO Managing Director and Chief Executive Officer, Henk Mulder says the bank’s profit has increased to K180 million for the year ended December 2017.

Mr Mulder has told a media briefing that the bank grew its revenue by 18.7% from K1.26 billion in 2016 to K1.4 billion in 2017.

He says the key drivers of thise growth included a 26.5% growth in fees and commissions on the back of improved business growth in line with the bank strategy to grow non-funded income,and a 132% growth in investment income from K173 million in 2016 to K401 million in 2017.

Mr Mulder says the bank’s investment securities balances grew by 302% from K769.7 million to K3,099.7 million funded by the 19% growth in customer deposits.

He further states that operating costs grew by 5 percent from K896 million to K942 million lower than inflation due to improved cost control, which resulted in operating profit before tax increasing to K180 million from a loss of K60 million in 2016.

Meanwhile Mr. Mulder says the bank anticipates favorable economic conditions experienced towards the end of 2017 to continue in 2018.