Thursday, December 27, 2007

Finance Bank disburses K6bn for SME loan project

Finance Bank disburses K6bn for SME loan project
By Fridah Zinyama
Thursday December 27, 2007 [03:00]

FINANCE Bank Zambia Limited has disbursed about K6 billion under its Small and Medium Enterprise (SME) Twikatane Loan Facility pilot project. Finance Bank director of corporate banking and marketing Noel Nkoma said the bank had a good year with indicative results showing growth. In October this year, Finance Bank announced that it had grown its asset base to K1.3 trillion, with customer deposits inching closer to the K1 trillion target set for this year.

“The Bank’s balance sheet has now exceeded K1.3 trillion and the profit projections indicate a figure in excess of K80 billion before tax,” he said.

“We expect to hit the K100 billion mark by April 2008 after a complete roll-out in all the branches across the country.”

Nkoma added that the bank’s loan book had also grown from K400 billion (2006) to well over K600 billion in the year 2007 with deposits expected to hit K1 trillion.

“The recently launched products of Mukango interest accounts and the FBZ senior citizens accounts have exceeded targets to hit a combined figure of K30 billion,” he said.

Nkoma said the bank was showing remarkable growth and that the next year would bring more positive results.

Nkoma said the bank next year intends to consolidate its market share and roll-out new products which would be solution based so as to meet the bank’s customers ever evolving expectations.

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