It is fast becoming an “August event” for the Board of Zambia National Building Society presenting dividend cheques to the Minister of Finance.
This year’s August saw the Board and Management of Zambia’s leading mortgage house deliver a cheque of K30 million for the 2023 financial year in comparison to K25.8 million in the previous financial year.
The team centric CEO, Mildred Mutesa when delivering the dividend at the Ministry of Finance Offices in Lusaka, Zambia signaled that “overall mortgage lending to homebuyers and landlords grew substantially, reflecting the value addition they were able to offer to our customers”.
“During the year, we refocused our energies on delivering on our core mandate, providing an additional 2,324 customers with a value of K463million, with affordable housing finance solutions to enable them to get into a foothold on the housing ladder – approximately one in three of all our mortgages now goes to helping first-time owners.”
At the Annual General meeting of ZNBS held on 28th June 2023 at Taj Pamodzi Hotel in Lusaka Zambia, the ZNBS Board reported an after-tax profit of K185.0 in 2023 compared to K116.0 in 2023, representing a 60% increase in profit for the period ended 31st March 2023.
Expressing his delight upon recieving a large cheque, the Minister of Finance and National planning Hon. Dr. Situmbeko Musokotwane said that “I commend the ZNBS Board, Management and Staff for their effort in keeping the Company on a profitable path”.
The Minster also stated that he was looking forward to “more and much bigger dividends in the near future” as he believes that prospects for the industry are brightening.
The Minister took advantage of the ceremony to implore other State-Owned Enterprises that were lagging in performance, to emulate ZNBS which he described was creative and hardworking in turning around the institution to profitability.
In photo: The Mildred and the ZNBS Team behind the K30m Dividend to MOF.
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