THE Zambia National Building Society (ZNBS) has posted a profit after tax of over K27.3 million during its financial year period ending March 31, 2020, mainly boosted by higher interest income

According to its audited results for its financial year ending March 31, 2020, ZNBS’ profits soared to around K27.27 million during the period under review, up from K8.97 million earned during the corresponding period last year, representing a 204 per cent increase, mainly boosted by higher interest income.

Results revealed that ZNBS’ gross interest income earned during its financial year hit K217.5 million compared to K157.6 million during the same corresponding period last year, representing a 38 per cent increase.

“Total assets of the Society increased by 30 per cent year on year. This was mainly driven by the growth in depositors’ funds and borrowings. Revenue operating activities increased by 22 per cent with the significant increase resulting from interest from placements with banks,” ZNBS stated in a statement released this month.

And the ZNBS is projected to continue experiencing stable growth amid the COVID-19 pandemic owing to huge housing demand on the local market.

“Projecting into the future, the Society is expected to experience stable growth from the current business levels despite the COVID-19 pandemic and is set to position itself as the main mortgage finance provider in Zambia. The growth will be precipitated by the huge housing deficit that has kept the demand for housing finance high despite the pandemic,” stated ZNBS.