ZANACO hands over K10.8m dividends to govt

—The Zambia National Commercial Banka (ZANACO) has today handed Government a dividend amounting to K10.8 million from its K186.3 million profit for 2013.

Speaking when he received the dividend cheque, Finance Minister Alexander Chikwanda congratulated ZANACO on its performance and pledged the government’s unfettered support.

 Mr Chikwanda said the modest dividends given to shareholders in preference to growing reserves and capitalising the bank is a very commendable initiative.

 He said government is ready to invest US $30 million in the bank once all legal and operational modalities are complied with to ensure availability of resources for growth of the agricultural sector and small and medium scale enterprises.

 Mr Chikwanda also called for inclusion of more Zambians at top decision making levels of the bank.

 This is contained in a statement released to ZANIS in Lusaka today by Ministry of Finance Public Relations Officer, Chileshe Kandeta.

And ZANACO Managing Director, Bruce Dick, disclosed that his bank, which he referred to as the people’s bank, made a profit after tax of K186.3 million.

 He said the bank’s focus is to facilitate and support various aspects of government policies.

Some of the successes recorded by ZANACO during the year ended 2013 include maintaining the top three positions in terms of client base, assets and deposits, profit and lending.

The others are recording impressive financials during the year 2013 translating into remarkable growth as compared to the 2012 end of year results that is profit after tax of K186.3 million from K156 million in 2012, recording a growth rate of 19 per cent.

The rest include total equity of K867.6 million from K713.4 million in 2012, recording a growth rate of 22 per cent and total assets of K6.9 billion from k5.8 billion in 2012, recording a growth rate of 20 per cent.