Share Price: 0.80
ZANACO releases 2018 interim results


In compliance with the requirements of the Securities Act No.41 of 2016 of the Laws of Zambia and Listings Requirements of the Lusaka Securities Exchange, the Directors of Zanaco are pleased to announce the unaudited results for the period ended 30 June 2018. Financial Highlights – Non-funded income (NFI) has grown by 24% Year-on-Year due to strong commission and foreign …


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Zambia National Commercial Bank (ZANACO) Investor Relations2018-10-08T09:05:19+00:00

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. With the aid of Rabobank, a Dutch multinational banking and financial services company, providing management services and technical assistance, Zanaco is now one of the most solidly capitalised banks in Zambia.

Three Reasons to Consider Investing in Zambia National Commercial Bank Plc (


Zambia's leading retail Group

With one of the widest branch and ATM networks, Zanaco (The ‘People’s Bank’) is a leading retail banking group in Zambia

Innovation, Smarter, Efficiency

Through innovation and sustainability, we do things better and smarter; making efficient use of our resources and empowering the customer

Exceeding customers' expectations

Strategic focus centred around improved service delivery; determined and committed to ensuring that we exceed our over 1 million customers' expectations
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Our Share Price in Action

0.80 0.00 / 0.00%
Year to date -4.76%
52 Week Change -16.67%
52 Week Low
52 Week High


Sales Value -
Volume Traded 0
Value Traded 0.00
Market Cap 1,155,000,425
Shares issued 1,443,750,531


Sector Banking
Exchange Lusaka Securities Exchange
ISIN ZM0000000250
YEAR Listed 2008
Year End December


P/E 11.43
Div. Yield 0.000%
EPS ZMW 0.07
P/B Ratio 1.13
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Top Shareholders31st December, 2016

Rabo International Advisory Services (RIAS)3,949,233,863 (45.59%)
Government of Zambia2,165,625,062 (25.00%)
National Pension Scheme Authority771,828,772 (8.91%)
Other1,775,812,551 (20.50%)

Company Information

Registered Name Zambia National Commercial Bank Plc (
ISIN ZM0000000250
Ticker Code
Sector Banking
Stock Exchange Lusaka Securities Exchange
Board Chairperson Charity Chanda Lumpa
Chief Executive Officer Henk Gezienus Mulder
Company Secretary Kaluba Gloria Kaulung’ombe
Transfer Secretary Corpserve Transfer Agents Limited (zm)
Year End December
Year Founded 1969
Year Listed 2008
Website Address
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Documents and Reports

Zambia National Commercial Bank Plc ( invites you to review its latest published financial reports: half year reports, annual reports / reference documents. All the listed documents may also be downloaded.

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The facts that affect Zambia National Commercial Bank Plc (‘s underlying value.

Statement of Income extract All values in Zambian Kwacha

  31 Dec 13 31 Dec 14 31 Dec 15 31 Dec 16 31 Dec 17 5-year trend
Revenues 837,575,000972,116,0001,066,746,0001,210,791,0001,437,683,000
Attributable PAT 186,314,000142,926,000117,509,000(61,802,000)114,119,000

Statement of Financial Position extract All values in Zambian Kwacha

  31 Dec 13 31 Dec 14 31 Dec 15 31 Dec 16 31 Dec 17 5-year trend
Shareholders funds 867,620,0001,001,106,0001,040,284,000870,940,0001,024,052,000
Our Corporate Governance

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:

  1. The roles, functions, responsibilities and powers of the Board;
  2. The roles, functions, responsibilities and powers of individual Directors;
  3. Stakeholder engagement;
  4. The remuneration principles of Board of Directors;
  5. The annual evaluation process for the Board and Board Committee;
  6. The powers delegated to the various Board Committees;
  7. The roles, functions, responsibilities and powers of the Managing Director and Management; and
  8. The roles, functions and responsibilities of the Company Secretary.

Executive Directors

  • Mr. Henk Gezienus Mulder (Chief Executive Officer)

Non-Executive Directors

  • Ms. Charity Chanda Lumpa (Board Chairperson)
  • Mr. Hastings Mtine (Vice-Chairperson)
  • Ms. Mirjam t’Lam
  • Mr. Len De Villiers
  • Mr. Yamfwa Chinyanta
  • Mr. Patrick Wanjelani
  • Mr. Mukuli Chikuba
To enable it to discharge its executive functions, the Board has established four principal standing committees, each governed by written terms of reference, defining the frequency of meetings, power and duties and reporting obligation. These committees continuously evaluate progress towards meeting the Bank’s overall objectives in addition to ensuring efficient and effective management of the entire Bank’s core functions.

A non-executive director chairs each of the committees. The said committees are as follows:-

Audit and Compliance Committee

The Audit and Compliance 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 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 and Service Delivery (Operations) Committee

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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Registered Address

Zambia National Commercial Bank Plc ( Plot 2118-2121 Cairo Road
P.O Box 33611, Lusaka, Zambia
Telephone:- +260 211 221358

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Transfer Secretaries

Corpserve Transfer Agents Limited (zm)Address:- 6 Mwaleshi Road
Olympia Park
P O Box 37522
Lusaka 10101
Telephone:- +260 211 256969/70

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