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Zambia National Commercial BankLUSE:ZANACO Stock Report

Market Cap







25 Oct, 2021


Company Financials
ZANACO fundamental analysis
Snowflake Score
Future Growth0/6
Past Performance2/6
Financial Health4/6

ZANACO Overview

Zambia National Commercial Bank Plc provides banking and financial services in Zambia.

Price History & Performance

Summary of all time highs, changes and price drops for Zambia National Commercial Bank
Historical stock prices
Current Share PriceK0.95
52 Week HighK0
52 Week LowK0
1 Month Change0%
3 Month Change11.77%
1 Year Change90.00%
3 Year Change10.47%
5 Year Change7.95%
Change since IPO147.40%

Recent News & Updates

Shareholder Returns


Return vs Industry: ZANACO exceeded the ZM Banks industry which returned 23.5% over the past year.

Return vs Market: ZANACO exceeded the ZM Market which returned 44.7% over the past year.

Price Volatility

Is ZANACO's price volatile compared to industry and market?
ZANACO volatility
ZANACO Beta0.23
Industry Beta0.67
Market Beta1

Stable Share Price: Insufficient data to determine ZANACO's volatility over the past 3 months.

Volatility Over Time: Insufficient data to determine ZANACO's volatility change over the past year.

About the Company

1969923Mukwandi Chibesakunda

Zambia National Commercial Bank Plc provides banking and financial services in Zambia. It operates through three segments: Retail Banking, Corporate Banking, and Treasury Management. It offers savings, current, transaction, fixed deposit, and development organization accounts.

Zambia National Commercial Bank Fundamentals Summary

How do Zambia National Commercial Bank's earnings and revenue compare to its market cap?
ZANACO fundamental statistics
Market CapK1.37b
Earnings (TTM)K206.66m
Revenue (TTM)K2.16b


P/E Ratio


P/B Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
ZANACO income statement (TTM)
Cost of RevenueK39.55m
Gross ProfitK2.12b

Last Reported Earnings

Dec 31, 2020

Next Earnings Date

Mar 10, 2022

Earnings per share (EPS)0.14
Gross Margin98.17%
Net Profit Margin9.56%
Debt/Equity Ratio114.3%

How did ZANACO perform over the long term?

See historical performance and comparison



Current Dividend Yield


Payout Ratio


Is Zambia National Commercial Bank undervalued compared to its fair value and its price relative to the market?


Price to Earnings (PE) ratio

Share Price vs. Fair Value

Below Fair Value: ZANACO (ZMW0.95) is trading above our estimate of fair value (ZMW0.4)

Significantly Below Fair Value: ZANACO is trading above our estimate of fair value.

Price To Earnings Ratio

PE vs Industry: ZANACO's PE Ratio (6.6x) is in line with the African Banks industry average.

PE vs Market: ZANACO is poor value based on its PE Ratio (6.6x) compared to the ZM market (5.1x).

Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate ZANACO's PEG Ratio to determine if it is good value.

Price to Book Ratio

PB vs Industry: ZANACO is overvalued based on its PB Ratio (1.2x) compared to the XF Banks industry average (0.9x).

Future Growth

How is Zambia National Commercial Bank forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?


Forecasted Banks industry annual growth in earnings

In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as Zambia National Commercial Bank has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by SimplyWall St do have past financial data.

Past Performance

How has Zambia National Commercial Bank performed over the past 5 years?


Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: ZANACO has high quality earnings.

Growing Profit Margin: ZANACO's current net profit margins (9.6%) are lower than last year (12.8%).

Past Earnings Growth Analysis

Earnings Trend: ZANACO's earnings have grown significantly by 22.6% per year over the past 5 years.

Accelerating Growth: ZANACO's earnings growth over the past year (3.3%) is below its 5-year average (22.6% per year).

Earnings vs Industry: ZANACO earnings growth over the past year (3.3%) underperformed the Banks industry 11%.

Return on Equity

High ROE: ZANACO's Return on Equity (17.6%) is considered low.

Financial Health

How is Zambia National Commercial Bank's financial position? (This company is analysed differently as a bank or financial institution)

Financial Position Analysis

Debt to Equity History and Analysis

Balance Sheet

Financial Institutions Analysis

Asset Level: ZANACO's Assets to Equity ratio (16.5x) is moderate.

Allowance for Bad Loans: ZANACO has a low allowance for bad loans (63%).

Low Risk Liabilities: 86% of ZANACO's liabilities are made up of primarily low risk sources of funding.

Loan Level: ZANACO has an appropriate level of Loans to Assets ratio (39%).

Low Risk Deposits: ZANACO's Loans to Deposits ratio (48%) is appropriate.

Level of Bad Loans: ZANACO has a high level of bad loans (6%).


What is Zambia National Commercial Bank current dividend yield, its reliability and sustainability?


Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: ZANACO's dividend (6%) is higher than the bottom 25% of dividend payers in the ZM market (2.08%).

High Dividend: ZANACO's dividend (6%) is low compared to the top 25% of dividend payers in the ZM market (9.38%).

Stability and Growth of Payments

Stable Dividend: ZANACO's dividend payments have been volatile in the past 10 years.

Growing Dividend: ZANACO's dividend payments have increased over the past 10 years.

Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (39.8%), ZANACO's dividend payments are well covered by earnings.

Future Payout to Shareholders

Future Dividend Coverage: Insufficient data to determine if a dividend will be paid in 3 years and that it will be covered by earnings.

Next Steps


How experienced are the management team and are they aligned to shareholders interests?


Average management tenure


Mukwandi Chibesakunda

no data


Ms. Mukwandi Chibesakunda serves as Chief Executive Officer at Zambia National Commercial Bank Plc. She served as Head of Personal and Business Banking at Stanbic Bank Zambia Ltd. She is a Past President o...

Leadership Team

Experienced Management: ZANACO's management team is not considered experienced ( 0.8 years average tenure), which suggests a new team.

Board Members

Experienced Board: ZANACO's board of directors are not considered experienced ( 2.3 years average tenure), which suggests a new board.


Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Top Shareholders

Company Information

Zambia National Commercial Bank Plc's employee growth, exchange listings and data sources

Key Information

  • Name: Zambia National Commercial Bank Plc
  • Ticker: ZANACO
  • Exchange: LUSE
  • Founded: 1969
  • Industry: Diversified Banks
  • Sector: Banks
  • Market Cap: K1.372b
  • Shares outstanding: 1.44b
  • Website:

Number of Employees


  • Zambia National Commercial Bank Plc
  • PO Box 33611
  • Cairo Road
  • Lusaka
  • Zambia


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2021/10/25 18:02
End of Day Share Price2021/10/19 00:00
Annual Earnings2020/12/31

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.