Zanaco Bank Chief Executive Officer: Bruce Dick

Our Financial Performance
  • Revenue grew but below the historically normal growth rate on the back of;
    • High cost of funding
    • Slower than normal growth in L&A
  • Operating cost significantly up due to;
    • Challenges in the current operating model
    • FX impact on US $ denominated service contracts (IT,& property expenses)
    • One-off costs relating to cheque truncation clean-up(industry wide challenge),operating model redesign etc
  • Deposits grew but mainly driven by term deposits which are expensive and rate driven