By HELEN ZULU –

THE First National Bank (FNB) has posted profit after tax of K21.7 million for the financial year ended December 31 2014.
FNB chief financial officer Ackim Chalwe said the bank achieved profits after tax of K21.7 million for the period under review, the third reporting period in which the bank had posted profits after tax.
Mr Chalwe said the banks financial performance remained strong despite a high interest environment and tight monetary policy posing significant challenges for the growth of the advances book.
He said this at the FNB financial results announcement in Lusaka yesterday.
He said the bank’s growth and profitability has been anchored around the electronic banking platforms, new products, customer service, strong credit policies, an expanding footprint coupled with innovation and a strong focus on people.
Mr Chalwe said the bank had delivered a strong set of results for the period considering a challenging economic environment reporting that advances grew by 24 per cent.
“The growth in advances by 24 per cent is supported by a 21 per cent growth in deposits over the period from K1.9 billion in June 2014 to K2.3 billion in December 2014.
“In addition total assets grew by 26 per cent and investments by 45 per cent respectively,” he said.
Mr Chalwe said the annualised income statement saw net interest income and net interest revenue grow to 35 per cent while profit before tax and profit after tax grew to 33 per cent and 32 per cent respectively.
He said the bank would continue to push boundaries and work towards growing its customer base and business volumes through electronic solutions.
FNB chief executive officer Johan Maree said the bank was confident of continuing to grow its footprint in the country.