Increased liquidity boosts Zanaco profits

Zanaco building.

INCREASED liquidity in the market in the first half of the year has boosted Zanaco to record increased profit after tax of about K22 million.

This is according to summarised unaudited results for the period ended June 30, 2017 issued by Stockbrokers Zambia Limited.
During the period under review, Zanaco has recorded an increase in profit from about K74.9 million in the same period last year to over K96.6 million.
“The financial performance of the bank for the period under review shows an improvement in the profit after tax to K96.638,000 from K74,878 last year, 29 percent growth over June 30,2016 profitability.
“The main drivers for this favourable performance were improved income from investments and overall reduction in the cost of doing business due to improved liquidity in the market,” the report reads.
On the outlook, Zanaco says as it seeks to be the number one digital and transactional bank in the country, it will focus on raising operating and financial efficiency sustainably.
Other focus areas are aligning the bank’s structure and branches with its strategy, continuously improving in customer service delivery, enhancing a high performance culture by aligning compensation and reward systems with the strategy as well as new ways of working.
“As we aspire to be the number one digital and transactional be bank in Zambia by the year 2020, we continue to focus on embedding our transformation journey in 2017,” the report reads.

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