By JAMES KUNDA –
ZANACO Bank has recorded profit after tax of K112,436 in the six months ended June 30, 2014, highlighting growth of 59 per cent compared to the same period of 2013.
According to the interim results for the six months ended June 30,2014 published yesterday, Zanaco’s profit base has grown to K112,436 this year from K70,775 as at June 30, 2013.
“The strong growth was driven by increase in interest income from improved yields and growth in advances as well as slow growth in costs,” read the financial statement.
During the period, Zanaco recorded total income of K485,588 compared to K386,598 as at June 2013, representing a growth of 26 per cent.
“The growth of 26 per cent was a result of increase in interest income arising from growth in investment in advances and improved collection of fees and commission income,” the statement said.
Zanaco reported that its loan portfolio saw positive growth increasing to K3.4 billion this year, a 13 per cent improvement on the previous year.
The statement said the customer growth rate rose during the period under review resulting in a 15 per cent growth in deposit and the bank now had more than 750,000 active customers
Zanaco remained well capitalised above the minimum required prudential requirement of 10 per cent.
“We continue to remain positive about future prospects of the bank. Our mission still remains to make a meaningful contribution to the economy and the people of Zambia by making banking easier and more convenient for our customers,” reads the statement.