ZNBS asset base stands at K350m

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THE Zambia National Building Society (ZNBS) has posted a total asset base of K340 million as at August 2013.

ZNBS managing director Joseph Chikolwa said currently the total asset base for the company stood at K340 million, with a loan portfolio of K204 million.
In response to a Press query, Mr Chikolwa said the financial sector had continued to post positive gains, recording more than K1 billion in profits last year, higher than the figures recorded in 2011.
“Our position in the sector is currently K340 million. This comprises K204 million loan portfolio, K93 million fixed assets and K43 million other assets.” Mr Chikolwa said.
He said the asset base was represented by K158 million depositor’s funds, K47 million capital and reserves and K135 million creditors and other liabilities.
“We currently have 90,000 savers’ accounts and 20,000 loan accounts,” he said.
Mr Ckikolwa said the implementation of the Financial Sector Development Programme (FSDP) had helped address key bottlenecks in the financial system, including improving the governance of the banking sector.
FSDP strategy is aimed at building and strengthening financial sector infrastructure to enable it support economic diversification and sustainable growth.
He said the profitability of Zambian banks had generally been buoyant, generated from earnings on loans and treasury securities saying that realised gains on foreign exchange transactions and fee income had also contributed significantly to banks’ performance.