The Zambia National Commercial Bank has recorded 9% increase in total assets from K9,599 million in 2018 to K10,474 million in 2019 mainly attributed to growth in investment securities and loans and advances to customers.
Zanaco Company Secretary Kaluba Inampasa tells Money FM in a statement that investments securities have grown by 10% from 2018 whilst net customer lending also increased by 25% from K3,074 million in 2018 to K3,832 million in 2019.
She says the increase in investment securities and loans to customers has been funded by the growth in customer deposits which increased to K8, 418 million from K7, 532 million representing a 12% increase that has been cited on continued sales efforts and on-boarding of new clients.
The Bank’s total income was broadly unchanged from K715 million in 2018 to K718 million in 2019. However, the profit after tax for the period has decreased to K68 million from K95 million in 2018 mainly on account of additional impairments taken in the year.
She explains that the Bank continues to evolve by implementing strategies that take advantage of market opportunities through innovation and delivering a customer centric strategy which enhance value to investors and other stakeholders alike.