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 audited results for the year ended 31 December 2024.
Financial Highlights
The Group performance remained resilient despite economic challenges that characterized the operating environment in the year. The Group closed the year at K1.79 billion profit fairly consistent with prior year with a marginal growth of 3% (K51m). The performance in the year was anchored on 6% (K302m) growth in Operating income coupled with prudent cost management resulting in a 10% growth in costs which was below inflation. Total operating income was driven by 25% (K1.2 billion) growth in interest income, 29% (K125 million) growth in fees and commission on account of growth in transactions on the Bank’s various digital platforms.
Total operating expenses increased by 10% (K262 million) attributed to prudent cost management and implementation of cost-containment measures aimed at driving efficiencies while focusing on value creation for our customers and stakeholders.
The resilient performance was supported by a strong balance sheet with a total asset base of K48 billion, with a year on year growth of 7% (K3.3 billion). The growth in assets was mainly driven by a 24% (K3.8 billion) growth in loans and advances to customers. Total liabilities grew by 5% (K2.1 billion) attributable to the growth in customer deposits and external borrowings.
Capital
The Group has continued to proactively build a strong capital position to ensure regulatory compliance and shareholder value protection. The Group’s Capital Adequacy Ratio at the end of the year was 20.53% which was above the regulatory limit.
Future Outlook
The Group remains focused on operating in a sustainable manner, creating value for our stakeholders and customers. The Group will continue to explore new innovations, digital technology and automation to deliver market-fit products and services.
By Order of the Board
KALUBA G KAULUNG’OMBE-INAMPASA
COMPANY SECRETARY
Issued in Lusaka, Zambia on 6th March 2025
Related Download
Summarised Audited Results For The Year Ended 31 December 2024.pdf
