Zanaco Bank Plc Chairperson Charity Lumpa says the year 2018 ended on a positive note for the commercial bank.
Ms Lumpa says in the 2018 Annual Report and Statements that the performance of the bank has continued to be encouraging.
She is however of the view that the performance would have been more positive without the Bank of Zambia bringing an end to unwarranted bank fees which effected on forth September 2019.
The Board Chairperson says the Bank recorded the second largest revenue and was the market leader in fees and commissions income with a market share of 23%.
Ms. Lumpa also says the non-performing loan ratio (NPL) reduced to 8.50% from a high of 18.97% recorded at the end of 2017 partially attributed to the bank’s focus on enhanced recoveries and on ensuring the correct levels of provision were taken.
She says Profit for the year increased by 61% and the Bank’s earnings per share increased from K0.079 to K0.127 and the Capital adequacy was above the statutory requirement and remained robust in both Basel I and Basel II computations.
Meanwhile Ms. Lumpa has noted that overall information security posture across the bank has improved.
“In 2018, the payment card industry data security standard (PCI DSS) certification was obtained and internal security related initiatives were initiated in the continuous effort of improving information security and mitigating cyber threat risks which are constantly evolving,” said Ms Lumpa.
“The Fraud Policy for the prevention & detection of fraud was instituted to ensure the development of controls to aid detection and prevention of fraud against the Bank and its customers.”
And the commercial bank has disclosed that it ended 2018 with a 61 percent increase in profits after taxes.
Speaking during a dinner meeting in Lusaka Thursday evening, Zanaco Bank Plc Chief Executive Officer Henk Mulder says the bank is facing a lot of competition including banks coming from outside Zambia but that the bank is fighting back
Speaking at the same event, Zanaco Chief Digital Officer Wane Ng’ambi says Zanaco is the only bank with over 2, 000 express agents across the country.

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