Zanaco posted exceptional financial performance for the 2023 financial year, making it the top commercial bank in Zambia for three consecutive years.
Zanaco Interim Board Chairperson Regina Mulenga said, “We ended 2023 as the top performing bank in Zambia for the third consecutive year, recording historical financial performance results. We thank our over 4 million customers for their continued support. The continued growth would not have been possible without their confidence in us.”
Throughout 2023, Zanaco experienced solid growth and remarkable financial performance, with revenue surging by an impressive 34% to K5.28 billion. Net profit after tax also saw a substantial increase of 49% to K1.74 billion. The outstanding results can be attributed to the strong customer relationships, strategic investment initiatives led by our treasury, and effective credit origination strategies executed by operating businesses while maintaining a defined risk appetite.
“Building on the success of our 2023 financial year, we are pleased to announce the declaration of a dividend of ZMW 0.429 per share, representing a significant 47% increase from the previous year’s dividend of ZMW 0.292 per share”.
And Zanaco CEO Mukwandi Chibesakunda said Zanaco is well positioned to play strongly into the improving economic backdrop with adequate financial resources.
“Notwithstanding the inflationary conditions, the bank will effectively navigate the associated macroeconomic challenges that may arise. We leverage ZANACO’s infrastructure, networks, and financial capacity to achieve high-impact financial and societal outcomes.”
As Zanaco celebrates its 55th anniversary this year, we thank the over 4 million customers for their loyal support and we reaffirm our unwavering commitment to supporting the growth and prosperity of Zambia and its people.
