Business

Zanaco records positive growth

Zanaco building.

NANCY SIAME, Lusaka
GOVERNMENT says since Rabobank took over the operations of Zanaco, the bank has recorded positive growth with dividends payable to Government increasing from K10 million to K66 million.
Deputy Minister of Finance Patrick Mvunga said corporate tax contribution has also increased from K8.2 million in 2006 to K417 million in December 2014.
Mr Mvunga was responding to a questing from Chadiza member of Parliament Allan Mbewe (MMD) who wanted to know how much profit Zanaco has made from the time operations of the bank were taken over by Rabobank.
“It is a positive thing that Rabobank took over the operations of Zanaco following the privatisation in 2007, the service level is high as the bank came with advanced technology,” he said.
He said from the time Rabobank took over the running of Zanaco, the bank has opened 14 new branches, adding to the already existing 50 branches.
“In 2007, the bank made profit of K47 million after tax, K52million in 2008, K79 million in 2009 , K113 million in 2010, K121million in 2011, K156 million in 2012, K186million in 2013 and K114 million in 2014,” Mr Mvunga said.
Mr Mvunga said other benefits are that more jobs were created from 1,150 jobs to 1,391 in 2014 with the number of customers increasing from 180,000 in 2006 to 850,000 in 2014.

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