ZANACO records profit margin of 156 million rebased kwacha – Schouten
Lusaka, April 5, ZANIS —- The Zambia National Commercial Bank (ZANACO) says it has recorded a profit margin of 156 million rebased kwacha during the 2011- 2012 financial year.
ZANACO Managing Director Martyn Schouten disclosed this during a media briefing in Lusaka today.
Mr. Schouten said the 156 million rebased kwacha profit made by the bank translates into 29 percent profit returns.
He attributed the rise in the bank’s profit margin to the strong economic activities that the Country has recorded in recent years.
He disclosed that the Commercial Bank is the only bank in Zambia with the largest customer base boosting of 645,000 costumers.
Mr. Schouten stated that ZANACO will continue working with the government in a bid to grow the economy of the Country.
He said ZANACO will focus its attention in rolling out branches in border areas so as to stimulate trade.
The Managing Director stressed that ZANACO bank intends to capture Customers who are not currently banking with any financial institution especially in rural areas.
Mr. Schouten also told journalists that ZANACO is the only bank in Zambia that is targeting emerging but viable farmers.
He said some banks only concentrate on established commercial farmers as opposed to emerging farmers.
He says ZANACO has been offering loans to emerging farmers and small scale farmer resulting in an improved agriculture yields.