Zambia's Zanaco profits rise, sees better 2010
LUSAKA, (Reuters)
Zanaco, part-owned and managed by Netherlands' Rabobank RABO.UL, said on Wednesday profit before tax rose 46 percent to 126 billion Zambian kwacha ($27.3 million) in 2009 from 86 billion kwacha in 2008.
"We expect a gradual improvement in the performance of the Zambian economy due to lower interest rates, lower inflation, high commodity prices and a firm kwacha, while remaining mindful of risk environment," Zanaco said.
"The focus of the bank will be on further improving the customer service and sales which should contribute to higher deposit growth rates and stronger non-interest income from transaction products."
The bank said the marginal increase in total assets, which climbed to 3 trillion kwacha from 2.9 trillion, highlighted the effects of the global economic slowdown on the banking sector in Africa's largest copper producer.
Other commercial banks operating in Zambia include Standard Chartered Bank Plc STAN.L, Barclays Bank Plc BARC.L, Finance Bank which is partly owned by Credit Suisse CSGN.VX, Citigroup C.N and Stanbic Bank, a unit of South Africa's Standard Bank SBKJ.J.
Zanaco's parent Rabobank last Thursday reported a drop in 2009 net profit on rising bad debts and lending weakness.
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