Zambian banking sector assets continue to grow

Jul 25, 2012

Zambia's banking sector has witnessed a surge in its total assets since the start of last year, new figures have revealed.

Zambia's banking sector has witnessed a surge in its total assets since the start of last year, new figures have revealed.

According to the Bank of Zambia (BoZ), factors such as reasonable liquidity positions and a good economic performance helped drive a 20 per cent increase in its assets during 2011, the Times of Zambia reports.

This trend has continued into 2012, with assets heading up by eight per cent between January and May.

Dr Michael Gondwe, governor of BoZ, described conditions in the financial sector at the moment as satisfactory and noted that earnings and asset quality have got better in the last 18 months.

This trend could be set to continue, as Zambia's economy is still expanding and other factors are improving as well.

As a result, Dr Gondwe believes demand for financial services from consumers and businesses is likely to increase in the country during the next few years.

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