With a cost to income ratio of 32%, Citibank Zambia’s after tax first quarter earnings rallied 21.4% to K42.4million compared to first quarter of 2019 and grew 42.3% compared to 4Q19. Known for its efficient transaction and processing ethic, Citibanks model remains lean with two offices in Lusaka and the Copperbelt which continue to generate business momentum that have driven the US bank.
Read also: Citibank appoints Lowani Chibesakunda to head Zambia unit
She-EO. All eyes will be on the first female Chief Executive Officer the Zambian franchise has ever had, Lowani Chibesakunda, in an economic turbulent and suppressed credit environment marred by fiscal imbalances amplified by a COVID19 disease pandemic era.
Income growth. Infinitesimally offset by a lean credit impairment base of a million Kwacha, Citi’s total income expanded 15.19% to K88.8million supported by 33.2% and 20.6% growth in advance income and lengthened duration respectively adding to fee and commission income growth of 15.0%.
Expenses. Non interest expenses however grew 20.5% to K28.36million while cost of deposits widened its interest expense base 48.2% to K11.1million.
A partner in Zambia’s food security finance. Citi’s credit book grew 7.2% to K661.4million compared to a year ago. Citibank Zambia remains a key player in supporting Zambia’s agriculture sector in its quest to cushion against food security risks through financing Farming Input Support Program (FISP).
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