LUSE listed ZANACO Bank Plc has advised shareholders that it will record higher than expected earnings when it reports its 2021 half year financial results to the market compared to the same period in the previous financial year, according to a statement from the bank.
“The Board of Directors of Zanaco Plc (“the Board”) wishes to advise the Shareholders that for the period ending 30th June 2021, the basic earnings per share is expected to be 529% higher than that of the corresponding period last year for the Company”, read a statement issued by Company Secretary Kaluba Gloria Kaulung’ombe-Inampasa on behalf of the Banks Board of Directors on 24 September 2021.
The bank which is under the stewardship of CEO Mukwandi Walusiku Chibesakunda has indicated that “the increase in profitability in the first six months to 30th June 2021 is primarily attributed to the growth in net interest income from customer loans and investment securities, lower than budget costs due to prudent management of resources, and lower credit impairments due to close monitoring and collections despite headwinds on the loan portfolio”.
The Hastings Mtine led board further indicated that “the strong performance is further supported by a resilient balance sheet funded by the growth in customer deposits”.
The SENS announcement came with a cautionary for all investors in securities of the bank. “Shareholders are advised that the information contained in this Trading Statement has not been reviewed nor reported on by the external auditors of the Bank”.
“The Company expects its results for the half-year ended 30 June 2021 to be released on SENS and published in the local press on or about 30th September 2021. Accordingly, shareholders are advised to exercise caution when dealing in the Company’s securities until publication of the results”.