Chairperson’s Report
Dear Valued Shareholders,
We delivered superior performance by reaching market leadership and for the third successive year exceeded the K1 billion Profit After Tax mark.
Performance Against our Strategy
On behalf of the Board of Directors, it gives me great pleasure to present the Zanaco Plc 2023 Integrated Report. Reflecting on our 5 year strategy, we are proud of the progress that the Bank has made in realising the key aspects of our plan and exceeding numerous performance metrics set out at the beginning of the planning period.
We continue to embed our focus on Environmental, Social and Governance factors into our strategic plan, initiatives, and day-to-day operations. We are committed to ensuring that we deliver sustainable solutions that will not only benefit the Bank, our customers, and our country, but also the wider global community.
We have made further progress in participating in key growth sectors of the economy and we will continue to focus on making headway in establishing the Bank as a key partner for our customers’ growth.
We are particularly focused on growing access to financial services for the unbanked population. We are also committed to supporting the growth ambitions of small and medium-sized enterprises, with this sector representing an important engine for productive capital formation, leading to urgently required economic growth and job creation.
We delivered superior performance by reaching market leadership and for the third successive year exceeded the K1 billion Profit After Tax mark.
Some Key Highlights of the Year Include:
- Growth in Group Revenue by 34% to K5.28bn;
- Growth in Group Profit After Tax by 44% to K1.74bn;
- Progress in our branch and ATM solar implementation program as part of our climate resilience agenda;
- Attendance and contribution at the Conference of Parties (COP28) to support our sustainability strategic plan.
We have a standing commitment to grow our customer base, solution offering, and channels, as we remain focused on achieving our 2025 vision by growing our registered customer numbers to well over 5 million, whilst at the same time repositioning our service solutions.
We continue to realise value from innovation and harnessing identified growth opportunities in the market by constantly
repositioning the business in line with our mandate. We believe the Bank is well positioned to deliver the promises of its ambition to be the Top Transaction Customer-Centric Bank by the year 2025.
Board Changes
During the year, we bid farewell to our former Board Chairman Mr. Patrick Wanjelani, as well as Mr. Yanfwa Chinyanta, Mr. Mukuli Chikuba and Mrs. Chearyp Mkandawire-Sokoni who have served our organisation with distinction, having dedicated their time, energy, and expertise, making invaluable contributions throughout their tenure.
Mr. Wanjelani was appointed as a Non-Executive Director on 22nd November 2017 and held the position of Board Chairman from 31st March 2022 to 22nd November 2023. Mr. Chinyanta served as a Non-Executive Director from 22nd November 2017 to 22nd November 2023. Mr. Chikuba served as a Non-Executive Director from 14th February 2018 to 5th July 2023. Mrs. Sokoni served as a Non-Executive Director from 27th June 2019 to 31st March 2023.
On behalf of the entire organisation, I would like to express our deepest gratitude for the invaluable contributions they have made and the lasting impact on our organisation.
I would like to welcome our new Board members who we are delighted to have onboard on our incredible journey of growth and innovation. Their diverse backgrounds, expertise, and fresh perspectives will undoubtedly contribute to the success and future of our organization. We are confident that their collective wisdom and guidance will help steer us towards even greater achievements.
I am proud to extend my appreciation to the Chief Executive Officer, the Management Team and all Zanaco staff, for their commitment and hard work towards delivering the results that we have collectively achieved so far.
Mrs. Regina Mulenga
Interim Chairperson
