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The Group will continue to leverage off automation, market-leading digital platforms to deliver cost-effective and innovative transactional propositions to its customers while ensuring that it operates in a sustainable manner and contribute positively to the communities and societies it operates in.
Kaluba G Kaulung’ombe-Inampasa, Company Secretary
Values
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Zambia National Commercial Bank Plc
Zambia National Commercial Bank, commonly known as Zanaco, listed on the Lusaka Securities Exchange, serves retail customers, large corporations, agri-business and public sector clients.
The bank has evolved into a leading financial institution in Zambia. With the aid of Arise B.V., a leading African Investment Company, Zanaco benefits from technical assistance, international networks and best practices in various areas of banking.
Vision
To be Zambia’s leading, admired, preferred and innovative universal top transactional financial institution that provides the best in value solutions to clients while supporting financial inclusion.
Mission
To be top universal, top transactional financial institution for all segments, while delivering excellent financial services efficiently, using the right client service model, and supported by an empowered and motivated staff.
Company Information
3 Reasons to Consider Investing in Zambia National Commercial Bank Plc
Our Share Price in Action
Investor News
Zanaco Integrated Report 2023
Chairperson’s Report Dear Valued Shareholders, We delivered superior performance by reaching market leadership and for the third successive …
Zanaco 2024 AGM Notice Booklet
Notice is hereby given that the 54th Annual General Meeting of the fully paid-up members of Zambia National …
Zanaco Plc | Notice and Agenda of 54th Annual General Meeting
Notice is hereby given that the 54th Annual General Meeting of the shareholders of Zambia National Commercial Bank …
Zanaco Plc | Summarised Audited Results For The Year Ended 31 December 2023
Directors of Zanaco are pleased to announce the audited results for the year ended 31 December 2022
Zanaco Plc | Change in Directorate
Pursuant to Section 3.59 of the Listing Requirements the Board of Directors of Zanaco Plc (“the Board”) wishes …
Documents and Reports
Zanaco invites you to review its latest published financial reports: half year reports, annual reports / reference documents. All the listed documents may also be downloaded for further perusal.
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Zambia : Banking
Zambia National Commercial Bank Plc (ZANACO.zm) 2023 Annual Report
2023 Annual Reports -
Zambia : Banking
Zambia National Commercial Bank Plc (ZANACO.zm) 2023 Abridged Report
2023 Abridged Reports -
Zambia : Banking
Zambia National Commercial Bank Plc (ZANACO.zm) Q42023 Interim Report
Q42023 Interim Reports -
Zambia : Banking
Zambia National Commercial Bank Plc (ZANACO.zm) Q32023 Interim Report
Q32023 Interim Reports -
Zambia : Banking
Zambia National Commercial Bank Plc (ZANACO.zm) HY2023 Interim Report
HY2023 Interim Reports -
Zambia : Banking
Zambia National Commercial Bank Plc (ZANACO.zm) Q22023 Interim Report
Q22023 Interim Reports -
Zambia : Banking
Zambia National Commercial Bank Plc (ZANACO.zm) Q12023 Interim Report
Q12023 Interim Reports -
Zambia : Banking
Zambia National Commercial Bank Plc (ZANACO.zm) 2022 Annual Report
2022 Annual Reports -
Zambia : Banking
Zambia National Commercial Bank Plc (ZANACO.zm) 2022 Abridged Report
2022 Abridged Reports -
Zambia : Banking
Zambia National Commercial Bank Plc (ZANACO.zm) Q42022 Interim Report
Q42022 Interim Reports
Financial Summary
The facts that affect Zanaco’s underlying value.
31 Dec 22 | 31 Dec 21 | 31 Dec 20 | 31 Dec 19 | 31 Dec 18 | |
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Net Interest Income | 3,001,549,000 | 2,538,687,000 | 2,372,774,000 | 1,543,089,000 | 1,436,427,000 |
Attributable PAT | 1,166,997,000 | 990,283,000 | 206,658,000 | 200,056,000 | 183,733,000 |
Shareholders Funds | 2,851,823,000 | 2,053,652,000 | 1,171,798,000 | 926,280,000 | 820,908,000 |
Corporate Governance
Corporate governance which provides the means to fostering values of fairness, accountability, responsibility and transparency, stands at the core of the Bank’s endeavor to realise its vision and mission. Zanaco has embedded the concept of corporate governance through the development of a clear governance framework which has increased the level of governance in the organisation and has led to increased independent scrutiny in decision-making and the alignment of the organisation to a robust legislative and ethical framework, in order to constantly improve the organization’s corporate governance culture.
The number of corporate failures in a highly competitive operating environment, continues to underscore the necessity for increased focus on corporate governance. The Bank has continued to ensure that appropriate governance frameworks are in place to ensure best practice at all times.
The Board Charter
The Board Charter sets out the following:
- The roles, functions, responsibilities and powers of the Board;
- The roles, functions, responsibilities and powers of individual Directors;
- Stakeholder engagement;
- The remuneration principles of Board of Directors;
- The annual evaluation process for the Board and Board Committee;
- The powers delegated to the various Board Committees;
- The roles, functions, responsibilities and powers of the Managing Director and Management; and
- The roles, functions and responsibilities of the Company Secretary.
Board Members
Executive Management
A non-executive director chairs each of the committees. The said committees are as follows:-
Audit Committee
The Audit Committee is chaired by a Non-Executive Director and consists of three other Non-Executive Directors. The Committee meets at least four times per year to evaluate, among other things, accounting practices, the internal control systems and the auditing and financial reporting. Its tasks include evaluating critical risk areas identified with the help of Management, as well as reporting on them to the Board.
The Committee operates under a formal charter approved by the Board and the Committee Members have unlimited access to all information. Certain members of Management are invited to attend and give feedback at Committee meetings. The Audit Committee also recommends to the Board the remuneration of the external auditors. The Committee also holds separate meetings with the Head Internal Audit and the external auditors when required, in order to ensure that matters are considered without undue influence.
The Committee is governed by a Committee Charter, which is agreed by the Board and subject to annual review, and include the following responsibilities:
- Consideration of the appointment, re-appointment or removal of the external auditor;
- The negotiation of the audit fee;
- Agreeing the nature and scope of the Bank’s financial audit;
- Monitoring the integrity of the financial statements;
- Considering and reporting on any significant issues in relation to the financial statements;
- Reviewing the cost effectiveness of the audit and the independence and objectivity of the external auditor;
- Reviewing the half-year and annual financial statements, and any audited accounts, before submission to the Board, and confirming to the Board of Directors their opinion that the report and accounts are fair, balanced and understandable and contain sufficient information on the Bank’s performance, business model and strategy;
- Discussing with the Bank’s auditors any issues and reservations arising from the interim review an year-end audit;
- Reviewing, on behalf of the Board, the Bank’s system of internal control and making recommendations to the Board;
- Reviewing the requirement for an audit; and
- Reviewing the Bank’s whistle-blowing procedures.
Risk Management and Compliance Committee
The is chaired by a Non-Executive Director and consists of three other Non-Executive Directors and one Executive Director, who is also the Chief Executive Officer of the Bank. On a quarterly basis, the Committee reviews the collectability of the Bank’s lending portfolio by not only ensuring adherence to statutory and regulatory requirements, but also ensuring that lending practices and procedures are in line with the credit policy of the Bank, including on matters relating to provisions and allowances for impairment.
Additionally, the Committee supervises the effective implementation of credit and risk management policies and ensures the enhancement of the Bank’s credit risk management systems and processes, in line with best practices in loan rating/credits, risk modeling, loan pricing and strategic loan management, including the identification and control of the concentration of risk.
Credit and Loans Review Committee
The Credit Committee is chaired by a Non-Executive Director and consists of two Non-Executive Directors and one Executive Director who is also the Chief Executive Officer of the Bank. Certain members of the Executive Management Committee attend by invitation.
This Committee supervises the effective implementation of credit and risk management policies and ensures enhancement of the Bank’s credit risk management systems and processes in line with best practice in loan rating/credit risk modelling, loan pricing, and strategic loan management, including identification and control of concentration of risk. The Credit Committee also approves credit with values beyond the mandate of Management.
Human Resources and Remuneration Committee
The Committee provides oversight over the remuneration and compensation for Senior Management and key personnel in the Bank, so as to retain and motivate staff to perform at the level of the quality required. Currently, the Bank participates annually in local market surveys and those focusing on the rest of Africa in order to ensure market-related salaries are paid and that market related trends are also followed when changes are made to employee benefits. The remuneration of all managerial staff in the Bank is also linked to their individual performance.
Nominations and Governance Committee
The Nominations Committee is chaired by the Board Chairperson and consists of a total of four Non-Executive Directors. The Committee meets at least once a year and assists the Board in identifying and recruiting competent and qualified candidates for Board membership, chairpersons of Board, Board Committees, Committee members and members of Senior Management.
It operates under a formal charter approved by the Board. The Committee assesses the effectiveness of the Board, Board Directors’ attendance of Board and Board Committee meetings. The Committee further reviews the adequacy of governance principles and practices of Board Directors.
Technology, Service Delivery and Innovation Committee
The Technology, Service Delivery and Innovations Committee is chaired by a Non-Executive Director and consists of four Non-Executive Directors.
The Committee meets at least four times per year, and its overall purpose is:
- To oversee the operations and technology strategy and significant investments in support of such strategy; and
- To monitor key operational and technology metrics associated with the delivery of the bank’s services.
The Committee may invite certain members of the Executive Management to attend its meetings.
The Board performs its oversight role, while also providing strategic direction to Executive Management. All Board appointments are subject to a fit-and-proper test by the Central Bank, while Shareholder approval is sought for the nomination of new Directors at Annual General Meetings.
The role of the Chairperson is to ensure that there is the right balance on the Board, with the requisite industry knowledge and to lead and manage the work of the Board to ensure the Board’s efficient and effective discharge of its legal and regulatory responsibilities.
In keeping with best practice, the activities of the Board are planned and documented. These may include engagement with third parties, such as Pension Fund Managers and Organisational Development Consultants to get deeper insights into the relevant changes to legislation and market trends.
The Board agrees on its Annual Plan which includes a Strategy Session, review of the Succession Planning, Budgeting and Performance Review for Senior Executives. The Chairperson, with assistance of the Chief Executive Officer and Company Secretary, ensures that the Directors are provided with timely information to facilitate an interactive dialogue during Board sessions.
To ensure transparency, the activities of the Board are documented and planned. Although the Board has the ultimate responsibility for the success of the Bank, this is managed on a delegated basis.
The Board ratifies the appointment of the Chief Executive Officer and monitors his or her performance in leading the Bank and providing operational and performance management in delivering the Strategy. The Chief Executive Officer provides a regular report to the Board that includes information on financial performance of the Bank and the achievement of financial objectives, operational matters, the operating environment, strategic development, corporate social responsibility, human resource and stakeholder relations.
The Board promotes good behavior and demonstrates clear values and high ethical standards, being mindful of the overriding duty of each Director to act in good faith and promote the success of the bank. The Board has a planned programme for each financial year to ensure that all necessary matters are covered and to also allow for sufficient debate and challenge.
The Board continues to guard against the risk of complacency by encouraging openness and appropriate levels of challenge. While engaging with Management both formally and informally, the Board strives to ensure that it remains sufficiently detached to maintain its independence. The Bank has put in place a formal induction process for new Board members that takes into account the different backgrounds and experience of each Director. New Board members are properly inducted into the Bank’s policies and procedures to ensure that they are well versed with the governance structures which have been developed over the years.
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Plot 2118-2121 Cairo Road
P.O Box 33611, Lusaka, Zambia
Transfer secretary
6 Mwaleshi Road
Olympia Park
P O Box 37522
Lusaka 10101
Zambia
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