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.
– Non-funded income (NFI) has grown by 24% Year-on-Year due to strong commission and foreign exchange income largely linked to the growth in the customer deposit base, i.e. deposits have grown 17% Year-on-Year, and transaction activity has in turn increased; consequently, NFI has contributed 41% to total income compared to 33% in the prior year…
During the period up to 30th June 2018, the Bank remained well capitalized above the minimum required ratio of 10%.
The Bank remains cognizant of apparent economic challenges, as well as significant market opportunities, and will therefore continue to cautiously pursue a customer centric strategy which delivers value to investors and other stakeholders alike.
BY ORDER OF THE BOARD
Issued in Lusaka, Zambia on Friday, 28th September, 2018
ZANACO | 2018 Interim financial results