On 14th June, 2022, Atlas Mara announced the audited results of the Group for the period ended 31 December 2021 in which it posted over 400% increase in profits of ZMW 352.22 million compared to a profit of ZMW70.1 million in the previous year, according to the statement published by Sandra Malupande, the company secretary.
The Group comprise of the Bank, “African Banking Corporation Zambia Limited” and its subsidiaries: ABC Investment Services Limited and Micro Finance Zambia Limited. The financial statements have been prepared in accordance with the International financial reporting standards (IFRS).
Financial Highlights
The financial performance of the Group has continued to improve year on year with net interest income growing by 67%; this growth is largely attributed to the increased investment in government securities, and loans and advances to customers. Fee commission income grew by 24% in the financial year; contributing to this growth is the increase in fees on guarantees, letters of credit and an increase in foreign currency income.
In the year 2021, the bank recorded an increase in interest earning assets such as government securities, growing 67% and loans to customers which grew by 13%. Liabilities grew by 25% with customer deposits growing 9% compared to the year ended 31 December 2020, with borrowing increasing by 61%.
The gains and strides recorded in the year resulted in the group achieving a profit for the year of ZMW 352.22 million compared to a profit of ZMW70.1 million in the prior year.
Outlook
The outlook for the Group remains bright despite the challenges of COVID 19 and the global impacts of the Russia-Ukraine conflict. The Group is poised to leverage on its enhanced digital offering to drive robust deposit and transactional growth.
