Business

ZNBS projcets K30m profit

KABANDA CHULU, Lusaka
THE growth of the customer base and maintaining expenses within the budget, coupled with increased lending portfolio, has driven the Zambia National Building Society (ZNBS) to project a K30 million profit for the financial year ending March 31, 2017.
In an interview last Friday, ZNBS managing director Joseph Chikolwa said the good performance by the bank in the past year is a sign of resilience and hard work in the midst of economic challenges.
“Our financial year ends on March 31, but indications are that the bank will record a profit of K30 million due to various measures that we put in place such as maintaining expenses within the budget, increased lending and growing our customer base,” he said.
He said the outlook for 2017 is positive due to the increased liquidity in the market.
“We have noticed a positive response in deposits in January, and the bank’s admission to the Zambia Electronic Clearing House for outward cheque clearing is good for ZNBS because the bank will now offer more services beyond mortgages.
“This development gives ZNBS impetus to produce good results this year. We are also getting a positive response from some local and external financiers who are willing to partner with us,” Mr Chikolwa said.
He said the bank will this year roll out mobile banking services to enable clients’ access services through the electronic platforms such as mobile phones.
“We are also targeting small medium enterprises on our short term financing since the service is currently offered to individuals but this should not be seen as moving away from the core business of offering mortgages,” Mr Chikolwa said.


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