zanaco hy 2015 financial results
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Zambia National Commercial Bank Plc
Condensed statement of income
Unaudited Unaudited Audited Six Months to Six Months to Twelve Months to June 2015 June 2014 December 2014 K’000 K’000 K’000 Total income 474,551 485,588 972,116
Pro�t before income tax and exceptional items 134,588 179,895 318,051
Tax charge (46,702) (67,459) (70,631)
Pro�t attributable to Shareholders before
exceptional items 87,886 112,436 247,420
Exceptional items (net of taxation) - - (104,494)
Pro�t after exceptional items 87,886 112,436 142,926
Number of shares during the year (millions) 1,444 1,444 1,444
Earnings per share 0.06 0.08 0.10
Condensed Statement of Financial Position
Assets
Cash and Balances with Bank of Zambia 1,181,363 1,196,529 1,163,202
Loans and advances to banks 412,289 540,484 399,170
Loans and advances to customers 3,148,234 3,367,836 3,138,509
Investment securities 1,473,949 1,579,434 1,445,340
Property, plant and equipment 256,628 277,847 274,635
Other assets 213,777 188,309 242,947
Total assets 6,686,240 7,150,439 6,663,803
Liabilities
Deposits 4,860,974 5,314,215 5,053,720
Other liabilities 280,654 505,261 118,267
Deferred tax liability 32,439 34,747 32,440
Borrowed funds 466,146 359,625 458,270
Total liabilities 5,640,213 6,213,848 5,662,697
Shareholders' funds 1,046,027 936,591 1,001,106
Total liabilities 6,686,240 7,150,439 6,663,803
Condensed Statement of Cash Flow
Cash�ows from operating activities 112,920 138,251 391,195
Changes in operating assets and liabilities (344,544) (195,892) (239,826)
Cash�ows from investing activities (7,037) (248) (23,176)
Cash�ows from �nancing activities (35,119) (56,908) (2,805)
Net decrease in cash and cash equivalents (273,780) (114,797) 125,388
Cash and cash equivalents at beginning of the year 996,252 870,864 870,864
Cash and cash equivalents at end of the period 722,472 756,067 996,252
Condensed Statement of Changes in Equity
Balance at the beginning of the year 1,001,106 867,620 867,620
Total comprehensive income 88,234 112,284 176,799
Dividend paid (43,313) (43,313) (43,313)
Balance at of the period 1,046,027 936,591 1,001,106
Company Registration Number: 5387 Share Code: Zanaco ISIN:ZM0000000250 (Zanaco)
In compliance with the requirements of the securities Act Cap 354 of the Laws of Zambia and Listing Rules of the Lusaka stock Exchange, the Directors of Zanaco are pleased to announce half-year interim results for the period ended 30 June 2015
Note
The �nancial statements have been prepared in accordance with the International �nancial reporting standards (IFRS).
The Bank consolidated its shares at a ratio of 6 to 1 in March 2015. Therefore, the earnings per share (EPS) for 30 June 2015 and comparatives re�ect the e�ect of the share consolidation.
Financial Highlights
The �nancial performance of the Bank in the period under review was challenging mainly due to:
• Rising funding costs related to upwards adjustments in the statutory reserve ratios, and this was compounded by challenging macroeconomic environment;
• The impact of the depreciating kwacha on cost of external foreign currency sourced funding;
• Overall escalating cost of doing business.
Capital
During the period under review, the Bank remained well capitalized above the minimum required ratio of 10%. The shareholders’ funds increased by 4% and 12% compared to December 2014 and June 2014 respectively.
Future Outlook
We take great pride in our unique standing in the Zambian �nancial market as a Bank with the widest foot print in the country with a special focus on reaching as many ‘unbanked’ Zambians as possible.
Our mission continues to be that of making a meaningful contribution to the economy and the people of Zambia by making banking easier and more convenient for our customers.
Management has initiated a program to revitalise all sectors of the Bank to drive a sustained focus on customer service, innovation and process reengineering aimed at achieving incremental pro�tability, e�ciency and employee engagement.
BY ORDER OF THE BOARD
Interim Results for the six months ended 30 June 2015
STOCKBROKERS ZAMBIA LIMITED [MEMBER OF THE LuSE AND REGULATED BY THE SECURITIES AND EXCHANGE COMMISSION OF ZAMBIA]
LUSAKA STOCK EXCHANGE SPONSORING BROKER
T: +260-211-232456 W: www.sbz.com.zm
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