Zanaco has sustained its top performance, reporting a profit after tax (PAT) of K1.8 billion for the 2024 financial year, up from K1.76 billion in the previous year.
The bank’s performance was driven by a 6% growth in operating income, alongside prudent cost management. Zanaco, the first commercial bank in Zambia to surpass K1 billion profit after tax in 2021, continues to demonstrate year-on-year growth, solidifying its position as one of the country’s leading banks.
During the Annual General Meeting (AGM) held today, Zanaco Board Chairman Prof. Oliver Saasa said: “Despite the impacts of inflation, drought, and power shortages, Zanaco has remained a trusted partner for our customers, communities, and stakeholders.”
For this performance, Zanaco has declared a dividend per share of K0.438 representing a 2% year-on-year growth. This translates to a dividend of over K157 million to the Industrial Development Corporation (IDC) for its 25.8% shareholding in the bank, up from K154 million declared the previous year.
Zanaco CEO Mrs Mukwandi Chibesakunda highlighted that customer deposits grew by 6% to K36.02 billion, while customer loans expanded by 24% to K19.98 billion, underscoring the bank’s commitment to financing key economic sectors in Zambia.
“Shareholder value has remained central to our strategy, with Earnings Per Share (EPS) increasing by three percent to K1.24. Our share price surged from K3.80 to K5.54, driving market capitalization growth from K5.48 billion to K7.99 billion,” Mrs. Chibesakunda said.