ZANACO: 2009 annual report

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Zambia National Commercial Back PLC (Zanaco) 2009 annual report

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ZANACO: 2009 annual report

  1. 1. REPORTS ...., Mission, VIsion, Valull6 , History, OWnerohlp 2 Produclll 3 FhancIaiI H~l1i1tltB , Board 01 [lroot<n , - M~ent 7 8 """""" Managlrg Dtector'a Statement DiAlClors' Report " " Sletemarrt of Corporelll GoverIWICII Corporate SocIal Responsbllty " 22 SIater'nIiIrrt of Di1Ictor9' Re8ponsibililills 24 R.port oftt.Audlkn " FhancIi!II S1lItements: ProIit and Loss llCoount Steterna"1t of oomprehansive inooITlll '" 27 Belance ShMt 28 Statemarrt of Changee In Equity 29 """'-- NOM 30 " Zambia Nallonal commercial Bank Plc 2009 Anrual Report
  2. 2. .... ,ON To ~ ~ n.Iel o:tieo.' tapbClidb .. ., pooet:*<elydel!l!J1ng, eeI!ng, det tmg vd"""'g oompotllM:ltf prIoed llnencllll aoIuIIo"" fI:r.n Ia:r,r aeg""""" of the:z.nt,k!n pubk:, In IIJIIII !IIId i.rlIen I!I'teI!, thllll.Jlt1l1PPPIlPnlle teohlOlolw!l'1d dlilrlbuIIond"em'" wIIh '"'P 0 odll"d ~ staff. ........... .- Wllld '*'- u.? .- • Rasulhl oriented .- Haw do wellChiIMI our gDIII.? • TIlIIPT1 "MIlk • AocwPliJ!ll!1Iy .- WhIllIPJl_ IIII? .'ntagrlly .. ·p,o' .,........, "" 1b boIlhl ~ .. SInk Ill'KlIO boI U. lMdi1g fiPWr'lllill fIIrYicIIl fim in Zambil, pFtWidil/IUPltPliPllblPl fiP1lf1cilll P81uP11l.,d bIrIIIitI to slllIIkIl"ddIno. , Zanbla Nallonal COmmeroklllklnk Plc 2009 Annual Report
  3. 3. HI_"NlliDrlII Corrrn.rIliII Blnk Plc rZlnIOD, _ Zambi. lICIIbIilhIId in 1I1eQ to urvicl!hl fir1ll1ci11 ..-:11 or 111. ZIrrililll IIOOno~ II1d it hM; IiI10ll wolYld ilto • IMcIng tlInk r1I.tionwid •. In 2007 till Gowmmant of !hi AljlIblc 01 21mbi. (GRZ} sold • 4Q" cIIkI il tllllJlnk to Albo FinlllCifllln&titutioroc DowIIoprnant a V. (R=ID)'lUlJlicliIry of !hi AAA rBIed ~ Clntrll. RIiffIiIIn-BoIrenIlolnIJlrK aA, ~ of n. Nltlllrllndl. 9ilMqUllltIy RFlD.oId. 3.-4191. IIIkIo to LizIr. Ir1YIItmanta Umiled (I nomin •• of till 21mbia Nltionll FIrm .... Union (ZNRJ)) 1oII0WId by till Blnk'l lritill Publio 0IIIri'"G il 2008 Md Emph7jll ShMl Owr"llrflhip Progrannw (ESCP). 1hI'I ... lItionship with RIIbobllnk _clel ZIlr1l.OO to benefit fi"tlm t:UriCIIlJIIIiIJtI!.l1OIIlJ1"K1b11t prlllCliol!. il maul IrIIlII'I ofc~. Our '>- - .111 •.,. Our CUIIIomllili"'"Ut,- repnlliiinlidlw 01 21mblll. .. " whola: fi"tlm GRZ to piMtli _ . from nUlllIIIIIorlll to St.4Eo. fi"tlm Indu.my and mi110g to "llrlcultu.... fi"tlm civil _ to IiIhiIad wcrktn. IIld .-,hlog out to thg unbllnlwd. ZiIr-.co IliIi1 InJy be """"Idared too pooplo'!i Bank, your BMk. ". • 0111""" owmd bank, you IlIi1 mcpoct noIhIng IoiIIi thM ZilniIIXI being .bIg to ....... Zambl ....... of 1111 WIIIai Df Il10. wIIh .. IIIIr piklIng fir aur ......... a.,_ Our pooplo '*- to 000 of thliiil, ..... now "I., lihiliilhold"rIi In ZANM:O IIld t"llath.r with thalr flmllal hiwe • dmct Intemlt "nd IiIIIIm In !ha q tarn "UOOIIIII Df thg~ blink, your bank. Thgy .......... powiIred. motlvstad and oommlttiOd to milkl Kt.ppan IJI"KIIIXtlIIildIog your iIXJlOCIIIIono. Ow....loIp I" ¥*'i'II P_lflllllI ....... c Ohrlnl 1ha cumnt .-."......p IiructuI1l of Zar.oc Ill ... /01""",: Rabo FinilOOlllllrwlltutu. DINeIopllllnt 8V (RFID) 45.51'191. G" 25.tXl91. "". Emplojo:les (ESOP) I..IzertlllMllSlmilnla LImited (11 nom.-- of ZNFU) 2-4.6891. 1.32'16 :Ul'16 bnw;gMO . . .m'I"'II~ • Zilnlco4OthAnn ...... ryM .... tntolo MtllDI!r Df """ra IIDn. SIIin"boIa> ..... 50~. , lomblCl NcJIIonol CommelClCII Bonlc. PlC 2009 AnnuCII Repcri
  4. 4. Corporate ._- .......... -."'" ........ .-..... ,.,._......=':::": • Forw; (IpoI · h .... ,. . . ftM · ... • • ....... ~ lUiwoid) ......, bel .. bondI .-..... • ar,; • ~ Iocn • Av"" ... _101l0l00_ IWIIDIII _.""'" or er.d! ....- • I'Dy!d rra~. . Impgo:t I.rtM • Irnm.t bci iIdi G .~<XOtK1b1l 'Bulk~ CAllI IIIYIeII • CO$I'Ii'I IrcI'Wt • NatIonwide paym.m. CFld OO~~ftOl'll • Coin pooL/lWMP cx:eOUl1" Retail iIIICICOIM" =W • XMT • • J/J INIII •• •1'1Ib1f tfI* accourt yPM. III . 11Ib'1f~ a.dIu,QIId ,- . . . . , "::u:._ ·""" •• Ioor. - ' hIb'1I OIIII phtIrw - _ pofi .M,1t Ni~,. ...... Ia •• --- .-- ·n_ 0 "'" _ • ""'" iWftI<I i i ·v.. ~1Icto'I Coo::lI 11.11 - . ~- •E·'IIac:Iw .I'OST...ra_ · • InhImM klr1ldng .- CMII=...... ' !CWW ... ,- - - - - -- ZOmbla NCJIIoncII Commercial Bonk Plc 2009 Amuol IteporI
  5. 5. - - Cost·to ·income ratio (%) loans and advances (K'm) ,....... - - ,.:>Cl .... --- '0l'0 .... - I '",''' - .."- ,~ ~ ----- =.- • I- I - - - - -- -- -- Total revenue (K'm ) ,-- ,- ,- Total Assets(K'm) -- .,>OCI.. . . -- I I I '00,'" '.- . "...,- ... -- I I I - - -- -- -, - - -' .- .- Profits (K'm) -,- ~ Customer Deposits (K'm) .- "- -- ,-- .... ' .- .-;1-1- -- I - - - M._ ".- -- - -, - -, -- -- Net Interest Revenue (K'm) -- -- Shareholders' funds (K'm) -- ,.- -- .- I I I ,M- ,---- .- '0- ,0- - • --
  6. 6. AmlllcloI,A,1I. WJ~· M_El !Itv. DI,.... ht'. KuIPn. 8gId 57, 18 Mllnaglng DlNiCIDr 01 Alba FInenoIsIlnlt:lul:lonlil [)eo '!'~ rt B.V. (RFID). He ., akIo 11 mllrrber <t!he 8asrd of D~ of ~ Microlinanell Blnk (Tanzania), Banco Tllrra (Mozambiq..). Banco Rlgiorlll {F'In(Ja)1. BBrq.. Populalre oil Rwanda and a member 01 ElIecutt.'I ,... G:iliii .... oI'h~..-..xIEla,<tOo-opel .... ""I ".""'N . Chi ..... Y. cvw. N.n-~ DI...... Muiendl!llTl!l, ~ 51. III MsregInll Pert",,, of - ...... ~...-.d NlIcA<xxurllrm, .. aIduo,1 of tlv! Zllmbill Inllitute of Chllrten!d Aaoountllr'ltll (ZI~. H. is 11 Corrrnillian. on IhII BDIrd of It. SecurltlM and Exchanga Commission (SECJ. ChlnIu Mul.ndema Cha_ 1ce C!'1alrrnan r.t'. Mail dIoTAlI Mo PI ''''' loth ZantiI. 0II1IN For DIs~ RMolullon and 11 mMTlDer 01 NlllIonal ComtlllJb111 CclmnnCII (NCC). GlIIt' H.IIMI_. Non'" : re. DIr1oo::tor r.t'. PdJIo"',.ogod 62, 1II.~lI1dfllrrnar. He .... ,110 th!! Zambia NlIIiorlll FM'n. . Union ~ He iIllIID .".,11» oIlh11l:xlM:11; r:lu-klCk SIMc8& Co-operdIIlhIsI, l..lY.tock DeYKlpmlnl Aglncy r.d 11 tru. . . 01 the Cotton Anocllllon d ,.,"'. F. . . .lkw W""II" Nln·Eqeutl... Dlnlltor Mr. WIII,InIIl aged 0.8, le Head Special Anet """",!mort d RIIbcbftrk (}owp. Ha wrmnlly IIIlido 00 DIhIr iJOIilioo •. a.~II..' fI"'EII~I(II ...)-NDn- ~rltNDI"'" lib. AkllpeIwa-Ehu.n~ agId 81, Is the ExM:ut~ 5uy IobInlOn Chalrper.on of the Vlcto~1I Fal., Unlvlnl!y of Board 1'!eI' re Ttd .""""" sre_ ~1IPI'xi fed. Clelipeo .... , 01 the Interim B...m ,,' :z.mblll lnfer"",!lon IInd Corrrnunia.tion TlIOhoology AutI1ority(ZlCTJV. SIvI iI allo Chllirpllr'SOll of .... boIord of l.Io AllcidllnOlO 1"MIIIn1ll1t&l.l1iIIdm~cI"bo.-d 01 mlMllMl c.pIIaI FLn:I (Z) Unn.d. ShII HIWd • ,,_. DI4iIkr1 ~ mthllNran o...lcpo.l8ld s."1k la" ..... H. WIoIoMI,.- F. I., "". WI_I'1I, IIgIld 51, _ DI...::IOr "PFJOInted M.-.glng Director i1 AprI2007. HltM 24 ~ i"i"BilIQiIil"iIilI ...-110 iCIi i1 oorrrnlrcill bMking, clwI"ich OWl" 10 .,...... ~ DMn m IIII8CUIIwI managemll1t IIW!, prlnclpdy In IlTIII"IIlng ITIIiMIs gn Latin AmM1ca, EaUm EwoPl, AIII..-.:I AIit:I). HI I! an eMCl/IMI rTIIIIT1b1i" 01 .... Bcoan:I 01 Dnctoll of thll Bank. HI rod.1I s.:neIor'l deglllll n 8;oj,,,,,, Mnnlomdlo:n Mort w...lng Managing DIrector ...... (BBAI n:lIlMaloIlrIdeg ...... n ~Ado., ......... • Zambia Natlanal COmmercial Bank. Plc 2009 Anrual Report
  7. 7. M. WIeIIIng N. Nvambe Monag~ DIrector DlrecIPr • Tr-..ry I. Irolotto r. IIc:In blWlield Dlrectar - GarparaIe SUpport DlrecIPr-Rbk. D....... I. Mwanza Dlrec::tor - Human R"OI.IICe. c;I'1d Trdnlng DlrecIPr - Carpartrle Banking A. MaIIIlkamp I.M. Ngandu IIIb) DIrector - R8Ialllklidng BankSeoelgy E. Mulule I••• MuygIda IMIIJ Head - nternaI Audit Dlrectar - Fhance Ma/IIgIITIlnt 01 the blnk tu I runbM" 01 oommttte., lOOudlng the ~ cndft CorrrnlllM, ALOO A..t end u..bllly Cormlitlellj, Control Rlok II1d CompllBnoo Corrrnlttoo, MlIIIlIQIlIT'unt L.oer. RtwI_ CommIttE Md Human Rllources CorrrnlllM. , Zambia Nallanal Ca'nmerclal Bank Plc 2009 Ant"l.JCll Report
  8. 8. WiIlthli in"poovad PI,Ia".","!Wi<1IM PIid _ KAa tiolion i"i OOOpoolMo i"ocomIlIId ott.. _for:zoog o.pter.;erenoI eoonomIc downI..." hl1he ijQOO~ iUId l u conIobuIIng ..--inyl.41y 10 fie nIIIDwi bulgaI -'tIrOO'I during the 1oK', 111. Blnk'l fIlrtIIr. contlnUld ... d"!he dMoprnent cl 21mbl .. ..- 0 n1Jl1'1M', RllIIIIkIoraId ~ loo na- .., PmIIt ."..,. IrDm 1<82 blmon In 200B 10 K711 blUion In 2ODiI, • &3910 FcIIIciWig It. gIobII . . . LIII cr1""1NI ~ In 200S, theldwoN lCCloa,!ic dlTllap,. ,tI--. QUi£*lyfIR i"i Tho~"""'mEquily_"iL 1-' . ., ZItnI:iI bf'. do!opeciIIi"og kLII 00<lI!lC1y. • oa . '1Q ...... ._1nI tnd rrt:IfI "14IdI1II. w'I'.odIOII 20'lIo IJA. ThI DIIIk y.,y lQ.uid and Iiu _ of tII. hiGh_' ~ OIIPIIIIeMqiW>f rIt!oIIln . . rnn.t: .. 21 ... ....t.---.~~pn:.. ....... 1II"'W"i ~1n ......... o ,,,.tI1Iit....-:l .... "*>the-.l ... d . . . . lhIo 911* 0CI4th.Ied ...,. . . _ ..... ....,......." 0 '-end Tt. ecotOJi, ..... 1rJdkM!u. ill .. ,,.~ l'II4bCI ~ Jock ~ In mIf'IIICIIna a.dII grow1h III • ~I'M f1f duMil1ho eeoond heI d ... ~. " ... i8aIII tre cda, ... oWo: pa'CI!IpIcnIln" gIoI:oII matuN. Vo'IIIe lhe ZImI*n I0OI Knl) 00Iad l1li.,..- on. POIItW notI....., rNII""V high IWII 01 proyIIIonti, l..-gety on "II01e,· BI'OII Doi,iK:Ic PI'oIl.I:X (ODPl giOWfl rIIOoI&..Mi, ... d Non-P. """tioog l.oIr.- (NF"ll, corothJad 0 boo "" looIiuo. th_ • mduood Inftilllon ratu of 11". ill. 11", Indlcal"", of NPI. ratIO rIM I"II1JoId to 12'l1o. reo:t..oced ~ .-.IN ~ . . . "to'I4'1:1. lhe end oIlhe ~ • n..ury bI~ yIMjI..:IUClId .aIIiIlllbr 10 WU1d MOll f1f the ftlllrIClaI pa1onnInoe Indbltorw agitlld wIIM ~i:r1Iw111. Copp« pr!oII.-.ocI.alld to U!D7,300p.- ~ mud"rog OOIt-kH"icor'.-. nIIiD, kwI-~ tornIrd"l.G[Y~..t1"_""i&L.a::d r.'3O, nDIIl'iWllllnoorriII to kitIIIlnoorriIIl1itlo, n:I otMni 0 1«,II1II5, ha bcxIng WIll fgr 2010 • . . tN do IQ 10::0 .-..:I1IlPit*>hi IQ the milium IIrm IItgoiQ. Tt. ..... Ihn prto. IwI tIEIM U"IdoIr .,......,. in _ p • lint 2WIl. h iN .... 1nOiIl1jlObll.'."'U ....... ..., ....... 1n1hlo'Jolll . . t.iA'AIionnhtlllOn.Z-~ Block eret.~ (I..LISEI ns.:., COII"QOI61dIII bf' ~ ,,"'or. IOIIIInQ dll.ant:JaI . . . BIA d<.dv ..... 1BIIa" to )IOIID,..., .. IIII f>ItlI*.. a.nc. pIrt 01 the~, _1IIflIIII ~ _ Db_li'td, hI.It ThI BInk . . . . . 10 wcrlI:..nh • • _ .,.grnII ,1S In trlI ......rIroII HI.I.I. la","",," .twu prico _I., ....,.,....,.00 to Zlntilan lOOIonr; fIom GaYa, ,'iliA 10 U. PIM'I ~ .ubltMtlalbr ~ .1 lnI:laI Public 0II.r'0nCI gPOl BlllIIa Ir'Om nUtlnlllmllllo SME'I, Ir'Om II'4-'Y iInd ml"llng to potoo . ."d eutp.o/b""~ loo LuSE india 1Mi' hill pooiod agflcufture, from clvI llMU1I1"tO ~ l<ad.re, .nd and 0I0aI"1I ~ Kl5I!O .1 VIII" llid. fIIICtIIng out 10 the unbmlkDd • • Zambia NaIIOnOI COrrmerclal BarK Plc 2009 """'" ...,.
  9. 9. 1lU antlltlon Is -.Jpporl«l by the 00U1IJy's 1.:Ilng branoh Zllnaoo 11 a Zambian blink otfI~ng ZIImblan IOkltlonl network, and strong inforrnMion taohnologv pllItIorm&. for all Zambians, in bOlh urban and rural .ruI. InnlMlllono Buch ... XBpK mobllll b""ldrog, Bill " - - III1d other t'll.--::tlonel80""""", the t.nk'e EmergIng Fermer FUIu ... outlak progrJIrrrna and UITIII Id1MT1I, our slnltlglc dlllr1butlon PIIrtnlrShlp with Zampoll ha.... al cont~buIed to a ~ Zanaoo c»!MntId 40 ~ of ~ busln_ n Zambia PlrOlplion of ZIonaco .. capabilili.. and OulrHeh. with ZllmbillM.. ZIrwoo il en trICk, hw.ir'"<I auooHlfu~y Irr-.rgld from thI prto/dNdIon In 2007 and oornplllWd IbI ". the bIIIlk'l poll prNatIHtlon bUlII~ model h. takIIn hililllUllc DIIIrI"ll n 2008, and iI; on OCUlI to r'IOIIil"l"ill lhIpI.,dwa ~1/r1lIIIT.1IIod, z..xJ;' oow~ IIlJ leede'1i1lp pooJlIIon ., the mlrket. another ph... n Its 11Iacyc1e, and wllllrIor-..InglV IPlOO On bBMIi' of thl eo.m, I wIIIh 10 ""'end rT"(II gr1llltuda 10 ~I IIIIcrhI on furth" in"fJrtMng wllo.,.- _rvioot ....1 in MlnllllMTIlnt and st.tI' for thllr loyalty and dldlcdon on:Ierto enJU'll rrerculleede"'lp and IIIJIlllh8blIty In the duri'lg thl year lI"d" "";IIW. n thl ~gl1l of Ihl poIiIiw long run. IndlclltorJI for thl OOlI1try IIIlh1l11d 01 2008, WI look forMrd 10 thl MUrJI with oonlidll1C». 1111 blink'" Bustlllnllblllty will nBBd 10 bo IIYIdanood by ftra>1CllII rIIIUIs IIIU11d1nt Milto 'JfNI z.r.x>'a rW.w1c» Thl board, at ftl milling of 6th March 2010, hu III !hI lIIacIing bIri< n ZIIrrbil.. 9.JI ~ wi~ Mo ..-:ile be raoorrrnlnded 11. dHldand of K ~4,255 mlllon or Kl11 par . . . . kAd by how 'NI run wr IntlrJI bulll~, tu RlIII1dlll Ru-I progrlllllml and our -.Jpport 10 lAgul wilnirog 1hIrI, up 33'lIo on 200B.ro ,"""";gIhI t.1k'l mprowd op.atiQOllI end financial perform,nel in 2009, while ZIIn!Ico FootbeII Club. IWIIIU"rCl mndlul tflhll1lld to IWTIIII:llllrorQiy otPtaIMd n tilTlllC of ur1OII1ailty. Being CItIzen Owned, with OY!II" 50"of the blJn(llItI!IrN in lhe hllndl of ZIImbienl, a!1O _ffirme the rlllJlty thlll: ArnDld JAM.~ ... , Zambia Nallonol commercial Bank Plc 2009 Annual Report
  10. 10. 1ha ~ 200Q hili! proven 10 be 11 chll~lng one, but 11100 - loo oIoIIrcI rI a K 150 blllon ft1""'*'g br Zlrrblll Suger an 1IIII1WT111y I'IWardlng Ind 8nOOuraglng Onl U _ IM Plc for IhI aoqullltlon 01 Nanga Farms from ZambMf Zlnax. 0IIIb0~ iI1I 40th III'II'Mr-v and Il1o prooblI good Plc, onl 0I!h1 Ilrgest __ billlterallolnl in ZamIJill, fIl8Iit1I with P","I After TlIX of K79 billion, deep/k! a dlM~u~ - the ~lIl"IdIng of our ~ dlllllilon who llnllilarllng IOOrIOmlc InYlronrnwlIloIlowl'lg IhlgloDII ftnanclll c~1I1 10 oont~butl 1I11M111 mar. oommensurate with our !hit .-uptld il 2008. overall f'I'IIri<IIahlnl, - tte mllcut oIo ... "Frenc181 ~" pmg....,."e fooUlMld TIll III"K1:1gIc cholclI Ihat _r. midi II Ihl IIml 0I1hI on Ilundlng ftnanclalltl:lracy al over 100 Ichooll prt..tllllltlon rlthu ba ..... In 2007 contIru! 10 gulda ZIn"",," nllllonwldu, bOMland nlllnllgllTllnt, with I YlM to ..,IUr. oontlnuld - thl o~ ...mllhmlnl and uPllflldl'lg 0I1lranctIIs gl'O'Nlh, IUllalnlbll proIllabll~y and aiming Ior marQI and IIQlnoiH, 11IIld1lr.hlp In !my slIgmanlll ond r>mduct IIn"". ZIInllCo'" - the ongoing ""le of non-<:>ore fixed .....,.,q, Including mllglc I'lIInt U oonl«nplllld In !hi mldlum l.rm ~ did rllldlnllll and oommamlll propartln. not <lhIngII in :2O(lg, !hI tirct h.il yIIr of operation IIfIIr OUr - thl oIoIing of I USD 10 mllon riIIk orilg I!IQ~ IiItorIc HtIeI Public 0IIe~ In late 2OOB. with USAI~AD8, I'l .... pport 01 our agrbulln..." and SME portrolOl, In 200B, _dll"-'d onthllfolowhg 1nIt1lltWll, ...1cortrIlluI-1j - In""",!ling of Ih' USD 25 mnmon Iolln fBoIltty from to 1111 bIrk'. ~ OI*aikA 101 and ftnllldll ~rIorTn!Inc..: FMOIPmpcco 10 USD 3i5 million, -h (f'IIIIjon rI a n...... cNllon dldl~ 10 abcuI 20,000 - oomplll~on of !ha ful m~out of our VI ... Elllctron card, of our SME cUll""""", - thl opunlng 01 Chlrundu branch, our 6111h point 01 -!hI imJnch 01 a Ilfa11glc 1111&'101 on Ih...-.cl dlllrlllullon ... _ntation, with ZamPOll, - Ihe oontlnuetlon of the rapid grlJWlh of our ~pIt III8IenI - Zanaoo FooIleIl CUl wiMl'lg 1Iret pIeoe In tte p~1er Banklrcl oII'IrrG, with !7o'W 100.000 raglstlrld ~ makrG dlylllon 01 Ihl Footbal Anoclatlon 01 Zambia, .MIr 1,000,000 lrIn-=tioroo par month, - Ihu winning of 4 IIW111"ds, Including "ballt oorpcr.11I - Ihe re-launch of ElIII MUlier AelOIIdIId, our oollectlon • IdInIty", al IhI annual Zamblllll1llftute 01 MIIrklltlng .alullonfor IIrgI utIIIII-.Jch a& u.aI<a WIIIr 1nl Sir· .~ awardI CIIlImolT{, Co"l'1III)' J-wsc), Nklnll Wlltar Md SawII"'IIu Company - !ha Imroch of a Iaw ..... hlp pmgrerrmll with Tachnloll.l (NWSC) and UnI'IIrwIIy 01 Zantlll. (U~, ~Ip b:idlIIIII TrU1i1g AuI1orty~, - Ihl irlorMM to 1011 iwtaIlId "ZIn1CO 24" brandld ATIro1 which hili -.ItId il CMII" 4Q ctOOlntl jlining ZInIco 1TIEICh..... nllllonwlde, on te"l'ora/Iy I!iIIIlIgnmente, - 1111 oonthJld roll out 01 our GPRS Inablld Point 01 SaIl - YIInnlng thl "BlIt ftnarolll parInIr In agrloulturw" &WIrd (pos) lIrmillklllTlOl1g IBing l1IIlIilln'l including ShopritI, from till Zllmbill Nlltionlll FIIITn,re Union (ZNFLI). Sper, Pmto!! HoteII., Md ........ oII""oIn, " Zambia National Comrraclol Bonk. Plc 2009 Annuol Report
  11. 11. gradUIIIy. but with IIIrgI portion of th. bIIlanOll ~ lIiU -- - F!n.ne!.! Pel1orm.nee i"MIcIId In _ury billllll1d bonds. IhI bIII1k r1Irnairll ~ -, ~quld. . , Wbn) (k·bn) (k'tIn) 1k'tIn) m ,=, '",. Expen_ rImIIIn lndlr control ~ only II'iIo on prlor)'llr) • ,-- ~- ~ "- ,~, (261) (1I!3) 1nl slgrlllcantly bIk70Y .-u1Jl7Nl1 .... dllPll orQJIrQ ,.- Pr"'" BoI",. ta. 3. impair_ Pr"," All", fox '" '" , ,~, (. 7) rn " ,~, ,~, ~ ~ (19) (19) ( 11 ) ~ 11111 lap ....llon 00.11 and loml ~llgaUon IltIllmlntl. Mer"(I' of oor cepex pkrri! we~ alto ooncluded. lMdenclng better UI.IlI of cepeclty II"Id Improved Impkmentatlon ~III!. ,= '.m - """". 2 .262 1•• 9< WIIh ""Id .-JUI growth III 24'110 and corrtrol.d ~ growth at li'ii0. _ -.lhUl abllo 10 Improw th. Op.ntding Loans an<! Advances ,,. U 63 1,(1(11 ~. = = ~ ~ profit (bII'or1ll_lII1d irr1llirment) 10 owr K 192 bllion. capiI"~ (%) cr agrowlh r:l1!I8'lIo of our PraIII 8IIcn lm. and ~1T11InI ReI",n"" _iIV " " " " ~ " " ~ "on. Th. Wog fll'llnCials &how Ihat _ WI.. abllo 10 grow M a -.Jft. ouropnllorlll cost to hloml r1Iilo hili Improwd ,1ncII p~Ylllllallon from about 78'110 10 la low .. 111 %. ~UIS by aboul 24"'.dllplltI a highly uncarialn eoonomy. ToteI---..", fI;lr 200I.I eland at )(.(97 billion. Whlll! our ongo~ oonOll"n an:o.nd oor 10"" Impehrnenl lIIawanoo I, _1"1I.a1T"rllWhlll. we oorrtloooo to I"ICOInE Thl Bank achJl'Md .aIJd voIuml growth on JllloIInl IIrva proWlkrol r:I KflI! ~Im, ~IBIY 00 "kvscY bsna". end idYanoee 10 CUltoma'll (up 16%) Ihough Ihl, rTIOIIly on oorpcrall. S~E Il'KIlIgricuJlur1l r1Ill1111d IOIIna III1d numa. ........ in.d conllrflinlld D<tr Ih. inc.. a~ risk which continul 10 IJI m...-..glld lndlr "irrt.r1IivIo CIf"I". AI paroaptlOlll UIOclatld with IhI crIIIs. DIpos/IIJ"OWIh thl Ame Ilml oor Non P.rformlng l.oIons (NPI..) rdo Is ItIrIlng 10 lrand dlMn somlWhll, u a ralUll 01 gradual remIIIned behind pIIIn and ~1It on prevloUl ~. TIlII! I, 10 .. 1"'lI" _llItIributllbl, 10 .. ah"'JI IlowdlMn in .,"",,. Incialry growth ralll. DoIh on Ihl loans IIdl (rIduCld All OCI"IIJdlfWd. our ProfIt NI8r Ta (PAn of K 79 bllloo for rlllk IIP~) and on !hI dlPOlft IIdI (rIduolld mark8t 200l1l! 1II.a up D<tr I reapectabkl 58" oo"1llr(ltl to 200B. IJqoJdJly). mlllnly M.aclloted with an IMlrIIn economic Il'KI oor prudtnllloJ ~ ~lOCY II! . . . . end,..,. will*! IlowdoYm In ZlITbIlo u a r.Jlt oIlhl global nnanclal ragulllory raqJrwnlnb. ZanIIoo'll ..turn on 1(JJJy JI about crl'lIo. TIll Bank', IoIIn to daposft rllllo Is 1nCI"NIlng 20'llo In 2009. ,'1 MD vIIIIng Il'1nandll FlbwMdulMlhellllnch ot_WRln_Sdlool P""".. " Zambia National Commercial Bank Plc 2009 Amual Rapert
  12. 12. 0lIl1 t : For 2010, .... 1IIIt*'I. graduII irrIpr'o<MTIlnt in Ihl I*b .. "''!CI a! the 2I"..,I,n """""'"'Y, 1t.nIao 10 IaMtr InterHt ,.toe, "'-" Inll.llon, "'ghlr commodity pr1CII .nd • nrm Kw.en., " WO ...,. ob/om Our objlClivla .... 20t 0 """';n in li,.. with "..,. of!h, hncilll glDrr menlle! by IIIId OI*'IIierlll tIIrgIIII a! CIO.r approwod mid","*'"111l1li. Thlll may need -"ott lerm Id!uldrnenla depeno;In; on Iltr.<nel 2496 " QkI;uT..-1C* UlII . . . tIXI«1I 01' 1 _ , 1<AkifI4o'1g tilt QIobItI a1IIII. dill II l.iiIIl1IIDd ".'Iwfi '" .'t:I_<bonaigtilca~"-""'de', ,._ to InIId;ln n rr..r.t r.-. ...«Ied 10.0 101 0Iher..-.. n- ....... IIiiIIduIoI ~oI idtbllll t.l ~""'It Ita an IIgIcy iW'd othIr klInI, in .... Ill . . hi(toIr ..... __ ..",.. riook erNirao ..... .. wntct. _ ~ by nllitllIItetMt ooste " 0,1, cost tlllncome Itf bOo,O ...... in 200II0 2010. Utlgdon 8HOOIattdYlfth cndt. 1IlIi. h.. imptOrrd I.txIur or fm. dl.put-. may 111.0 ,n.ct In. blink .. j)rOIItabn~ m 6196 frvm 1896 " R.... lit 2010 1ncIw.1hll1IO IlIIIad .rod""""... rW< an Ire koorK'a "",,"'" rnergtr.: .tIoUd the trend of ~ """""" ..... 118IWt in 2010. IrQ ~ IIMrHty ImpIIct the benIi .. 1nttIMI inoorM or InYMInwtl ....,.. - . ...... . "G "*'dIU of " " .... OffiIIoO"' • •, . . fI)cw 01"" a..wlbe(tn ..... , lPiMlG~ ..... O ..... wIIk:II I!lIM:I ~!D"""" ~~ _ 0 to *",U"," " 1110 bonk odJ/..,.d non-iI'It...... n:.o:wn. mm IJIt..:lioiIlll ,.uducL .O/id"'.mo 'NIl ..... bIikI .... thIo .. ogo_ 0 oICIil. S, • • Iiino::. priw4jMli w, In 2001. arod kay ""''''''- wI ba ,"""" In It. fcIIow!I'D ...,: ,roll/lh ... /Is ,."•• o.dod...... " - - 1I1Mr In1:ImYlrv 1Iw bank'lldlntlt)' _ s1fUmllnlng 1Iw blinks product portfolio In IInl wltn iMCImItlI • c.-tlr'lg • *'IWior aJltanlr t!IijJeIis 0liI · ~ ..... """" elactr-- · ~alnsltu ..... td.'""""U4j4 " Ou, ••• • o:JP'OWatng tu optII. . . . • I I OPO~ IIU' lII>OI* I1IIOa • • JBI . . ".".,../., ,.". roIh> is stalfi., m ......... : : : ~ trw lino: D;IICCI 1000n..... : ' ..noooN'O 001 .1.1. Itly I!T1II'OW1II ~ 1nGII*0I'I. botI'I !,..dd••• " o;operaI~ .. - .. ~~
  13. 13. Tn. dir.ctor. IUbmft th-'r rvport togWd1 ... with thl IlIdllld ~cIIII sttdlm8l1ll for thl :.-r Indld 31 DIcIntJlr 20C1U, whk:h dkM::lol!ll.l the lIIate of lIf/al.. of the BlInk ",INCIMLACTMnn Tn. s.nk I. Ingagld In thl bulln_ of blnkll'Q .nd thl proYlllon of ..!MId _rYlc ... ThI ...,k ha oontlnuld with b network ""P ..... on pn:>g1l....,.,e ctJrIng the )'lIIr. IHAIIE CAPITAL Tn.I'I w. .. no ch.ng.. In thl IIIIUId sha.. capital du~ng thl)'lll'. RESULTS AND DIVIDEND Tho nlll prtlnt for !ha )'IMIr of K7Q,s.44 million h", been lidded to ""ehad ""mlngl. TIll BlInk ~d dividend du~nQ !hi yIIf' III'I'IOUnting to K18,IQl miliDn in "PlC! of 2008 profit (2007:Kl0,OOI milliDr1. n. Bow hu I'ICCI'MIlndld I dlYldlnd of 1(24,2605 mlllon for thl )'Ill' endld 31 DIoemblr 200II. DIRECTORS ThI dil'lClO" who hIId office during thl yIIIr and to !hi dllll of this report _ : Mr A J A M KlJjpen """mM Mr C Y Mulendema VI"" ChlIlrman Mr M H Wh,,,,'nQ Man"lllng Director Mrs G M AklpllM.-Ehulll'li Mr G Robln.an Mr FWe..-1lg NUIIIIER OF EIIPLOYEES AND IlEIIUNERAnON ThlIOtIII r'lmurllrllliDn ofempl~ during thlylllr amourllld 10 KI48,s.47 million (2008: K128,II52 milion) and IhI avaragI rumbar oIlr!ll1oyln was as fo~OWI: lIonth Num.. Month Num • • ... ". .... oIuIlllry FI"rulry ' ' .. AUlual on .,,'' '" '. ....... IlpIIM.r A,rll .o, 0111"1 '" on N_MM. 0lIl18• • '. OH " Zambia Naltanal Commercial Bank Plc 2009 Annual ReparI
  14. 14. GIFTS AND DDNATIONI Dur1rQ the yell" the Bank made dDnl.IDnI. or K730 million [2008: Klia million) to ohIrllable organlu:tlons and ..... nt. repl'lMlTllng cIo.. to 1" 01 th. e.nk'S profit II'IIr tax. PROPERTY, PLANT AND EQUII'IIIIENT TIll Bank purohllllld proPll1Y, plant Ind equlpmlnt amounlng to 1«2,656 million [2009: K3!1,17a million) during the )'111'. In IhII opinion ofth. dir'lClO.-, Ih. OII'I'Ying ....... of proPlrty, plrrt and equipment i. not IllS IhIn Ihlir rIICO'NIbII ....u•. RESEARCH AND DEVELOI'IIIIENT Du~ loo )'Ill/" loo Bank did not oonducl !In)' .......m Md dlMllopmll1ll1CtMtl ... RELATED PARTY TllANSACTIONS Related party InsnlllWllone !1nl dlllClOIlId In Note 33 or In., ftnencllll.toIttionenll. DIRECTOIII' EIIQLUMENTS AND INTERESTS DlllIclor.' .-nolum.m. Ind 1'lIInIIt. lUll dllJOlOlld In Ncrt. 33 to the ftnanclal .1KtIm.ntl. PROHI.ITED .aRROWINGI OR LENDING TIIIIlI WlIlI no prohlDlt.d borrowlnga or I.ndlng u dllned under Slctlona 72 and 73 01 111. Zambl. BlInking Ind Ananclel SIrvIoII kt, 111514, (Is .mlndld). RISK MANAGEIIENT AND CONTROL TIll Bank Ihrough Its normal oj)ll"l.lDnI. .. IXPOIId to a nurrtJ.r 01 risks, Ih. moll Ilgnlllcant of which 1/"1 Cl'ldlt, markll, oparalional and liqLidity riIIks. Th. e.nk'll riIk managemllTl: objlctivll;, poIicill and Ilrat1gi •• 1/"1 dildOlld in Note 4 01 th. financial _.ments. COM~ANCEFUNcnON The Bank hM " OO"l'~"""" function wh""" rHpCnllblllty III 10 mcnltor oo"l'llInoo wllh !ha "¥J11Itory I.,w.,nmlnl Md loo VIIrtoUI l""'mIII control P~ "nd pIOOOlW"",. KNOW YOUR CUSTOMER (ICYC) AND ANT1- MONEY LAUNDEIIING POUCIES (AML) The Bank hellldopted know YOO' cu.tomer (KYC) end An~-mon.,.,.leunderlnll (AUt.) poIloIes and IIdhelll8 to our",nI leglelldlon I'l these 1InIlUI. AUDITORS TIll auditors, ~.rhOUHlCoop.rs, h..... indicated th.1r wllllnlTllH to oontlnu. In 01lioii and a rMOkltlon for their re.ppolnlmllTl: will De propolld at 111. annual lI.n."" milling. IIy .nI.r 01 till • ..cI .I!CRI!TARY 5 M"eII HID " Zambia Naltonol Commarclol Bank Plc 2009 Annual Raport
  15. 15. G_.. The bari< BIIa:lhes great ~ to sound CorporatIo GcMrrBnce practiJa because ~ en&raI!I i1IB(;Jity and Ir'arlIIparIIncy In lTIIlrfIIIi1g IhII ......., ....... 1hBt Bd ..... betwaan ilia bank and ... l1li sI!IkmokIam. • 10 ., IhIIt vein th!rt!ha BIri: 1lnIIJ"",!h1ll ft ~., cor!1lI&nCe wIIh h IlQJlai ... ots oIwrou.l9glslallct1l....t*'h gowm b opaalki IS including ItB BarHng &lid Fh&ncIaI SeNiCl!lS Act, BarK of Zfrnbia oorp0ra!8 Qovermnce G.;da!i1811, thI!I ZBniliEll Conl:Janil!lr;..o.c:t. 1111 SecuiIies Act and Anti- Mo""" leundert1g Jd. """ ,b:>. rltt-e Menegerrent teem 1lIIIO pertk:lP!'te ., varIouII.,oiJgtry InIltllMl6 "",ctl .1118 EIurH:IIlI AssocIatkrl 01 ZamtH ~ IIKtI1Ic111 corrrnltlB9 and oomrrftlee set-up to Iormulale the RnancIaI C~r 01 the CIIIzaIB EIlonarric ~Acl. As a IfIIaj bank a1 the L.usaka stoac ~ Zanaco has t.J1her compllaroe NQ,J11IITIIII1Is v.tioh InoU» 1111 conIIrIk'G ... obli""ticnl to comply with Lu ..... Stock Exchllnga (..uSE listing} Ru_ III1d IhII LuBE Ccrptll'lU GowneOOll Code. "" ~ 1hII Board '" 1]""",,", I111III118 MI ond IIIIaaIva oorllrnl dtha BarK and monllDm IIXOOlIIlvB rnenegamant. The 8clII'd 10 am mponslbl9lorthe Bark's dllllCllon. pol~8I and i!IIRItlV8S /I'1d sIIlrMI8Iment and clwsbll9lrt decl9lom. ~ aI90 EIlllUfaI that !he B!rk ~ lis ''*'Id 1BtJ11de81O sills atakaholclers and Is ~ IT8IlaQ8d agaNt the mator rIBkB I"her8nt n general Iu!h!Bs d)'l1Il11loo. In tti& IfI8P8ClI. !ha BoIrd rl'IlkIIs !.Iy decisions to .,lUrehsl ~ ratEins prI:lpeI' di.ection and oontrcl of IhI!I Bank. ThI!I Di9cUlrs bring In expererv:lI:I prod o:wcperIIeemm Ihelr own ~81o;t, r:I oo'*- to enoue IhIII deb8Ie on ITI8IIenI r:J 1!IInIIegy. pok:y!l1d perform&nce I. rctlust, InIorrnIId and oonsInJc:I:MI. FllthemlOrIIlha roI9 oIlhe OhUmsn snl ManagIng DiIa:I<r 00 not vast in or. peralI1. 1ha Bo&rd IllructuI9 I. suoh IhBI no om IndMdLll!l or glO~ domhde81h9 decIeIon mskIl"G 1JOO88II. Ther9 III a IIClIIIDMI '" IfIIIttlIrII raBYIId fir th .. ful Bawd'a IIppRMIIlnl """" deiegHlicn cl IIIIIhority to IIw MBnIIging DirwcIDr IInd air... -.ill" IlIWCUIIYee wtthln the Bank for .paclflc 1TIIItWA. A procedure exIaW for the determination 01 mattwe IIllalng b8Iw8W1 9ChedlJed meetings. There 118 eatablahed procect.na In fIldBIence for planning and capIIaI8DCP8l'ld1ture, for Ih9 malG'1g '" Involltmanttl, for Informlltion, reporting Byotoml for monitoring tha bank', bUBln""" and porlormW1clI. Newly apponted DlI9CCDr8 are not ant,' .crutlnllled and IlUl:ijected to • fit IIld proper IfI8I by Bai< at Zambia btJt are also ~ to ~nllllIppftMII by "tu.mhcldllra Ill: tha Annl.llll GI!mnoI M~g. Tha ~a ArtIcI ... of AIBx:kdIon prtMdIIII thai, on I rotation buIs on9 third of the Directors I9Slgn wary year n , tlelng eligible, oII8r tha111111Ye8 for nHOIlICIIon. Tha ChIll ...... and Menpglng Dbct<:lr In oonl!lJtallon with the EktrK SI!c:ratary agree an II-e egendo. for Boerd 1f..... 1Io ",,", blll si BoaJd manbers are anlllllld to IliIae othar I11IIIIer& The ctsInnan IIn!IU9S tha! all Board rnerrtIeI" &RI property I:ftIrIId 00 si illlU8Il ariIling from the Board rTIfII!Ii"1gl. It i!lthe reaponllilllily of tile ~ rnansgeo'i8i ,110 I!I18Ure thilt II-e BoBod i!I auppned with InfIllTTllllloo In " tlrrdy ITI!IrrIIII" In a form and of • quality sppropiI8IB to "nebllllt c:!Iny cut Its dutlllo!. no.. EklII"dwhich 1XI' ...... 1Mo Ncn-El&ia.JMt Dnoctcn!o &'Id thl Moo ..... '11 DiectlrIll1l00nid!!ntIhlltIt"'ft-tIw ~ I&Iert and ~ to iliad a II8IDd Bank. ThII Non-ExIIcuIIw DftIcIl:Q &RI Independent 01 MalIiIgemIInt and S03ICIee 1:hIIt Independent JudgITl9l1l with th"~ I"depth ~ and scparIaolC8. ReI'er to Dlrectol1l' Report 1cor thl onctors v.tIo held oIIICIIln !hi! YE"" ..od .... 1lMaw. AIIII: IIIIInISIl.,*It and ~I ConInII The Board IIIXlIIJIIII final """"",lIblltty for thi! rlak m"""lllll1lent end IntolTllll oontml "Y"tOmll of thi! BlInk. It I, !hi task of rnanagamanl to 8I1WrtO adequate InIirnal ftnanclBl and oparallonal oontrol systems are davalopad and rnailtlIined on an on gang bai!illO prtMde reaaonlbll IBU'IIi1C8 oegll'"Clng tha:- • errac:tMroIIas and aIIk:Ian:y 01 <4*aIIons • asfeguaodi1g of tile Bank'. _ OrockJdlng irrIonnBliDrll • IXlIf1lI8noe with eppIoebIe Iawa, rtgJaIlOI1III and wper."hory requln:manlti • i81labIily 01 acoountrQ ilIOOrdB • buai.-- fI.SlBiililbilily under i"iDrlTlillaa wIlIl u advoIrae oondiliDnl; .,d • IlIIfX"IIlbIe behINIco.ir to.vaods all iiIakIIhoIdera " Zambia Nallonal commercial Bank Plc 2009 Annual Report
  16. 16. n.. !!IIIcIoorq- cl Int.nII wnlr<ll "Y*m • deJ- dwrt on IN """l'iBla! wIIh ~ m.......... Th.... ~ .. rI.. of ne,," corrplBnc8 with luch mllUUl(I8l7,r fkII'. Oorlll!lJJenlly, ewn I strict and efIIclant IntemIII control system can proIIidit 00 more I"lI88CIII8ble ~ 0I88a.l1liII""aI1"1 PeI9POOI 01 te 8bcM!I mentlonod ot:tactlYee. I'lIlmBI .oolto.. monitor he optiiulb .. "'the intemIII OOr1lnlll and report to mlll1llQl'llTlllllnd lIud~ oomrrittee on findi'"QIIlllld n!OOnYnerdatiOOl. No ailiClll informBlion 1Bch IIlklIW JTJ la bBcIoled I.P and the Bank has put In pIErJe WIIII doClInantad tl.U1888 oonIhJly and dsuIIIr IoIBr&nt plOOllliJlM fIJr 1111 ......Ion orttk:eI oper&tIoI .. 1iI"d 8','8temI. lhII pPOOlId~ 8IU teraI:ud pert6::ul1y snd the E!oerd la '" tte opinion they . . . the ~ criIaiI. F... _I" RepoItI.. The Dinlctors accept final responlibil~y for prllperation of the annual financial itltements which fairly pra&ent: • Iha tnn:IlI position cl the Bark 88 BI the and "'the year lndll" rwIBw: • lhetnn:lel raoUtsofopeoBlb ..; .WIlIlII!I • Iha oash IIow& flJrlhBl period. The rIIIIIPOrIIIIlbllty for <XlIT"fJ11~ the lITlI.IlII ~lIlI1clel ~ __ deIegeted to ~. The I.IIdIlmBI II.dIonI raport on whalharthel!l1rlJlII fil1l!l1Ci!l_'I!ii'1S Enfaily poess ,lad. The dl'aclD .. ar8 saIIsIIad that d~ theyear !.I1dll" rwIBw: • Iidaq...m IIIXlOIIntrG r&IXlI"do! WII"I!IiTIBHahad ... • an lfI'ecllve ayslem 01' Inlwnlll conlrol and ~sk management, mon~ored by management, was maintained • appropriate flIlClOUntlng poIIcl. supported bV RI!I9OI1~ and prudent)Jdgamants and 861mataa, waf9 used consIst9ntly • the ftnanciBIltaI8ITI8ntS war& COIlllIad n accordance with International FhancIaI Raportl'1g Standards, Ihl Banking and A1IrdaI Sar.1oeI Act and Iha 21mblan Corrpanilll!l Pet. Th. directors are aIIIo B!IIBnad IhBI 00 I11iItIIraI EMlnI hall occurad ~ th. ft"111r1C1B1 yaaJ"-end and the dale "'thl. raport . .... .., ... ~ _m_ Mr A.J.A. M Kul)lerol MrC.V ...IIndIoI.. "" "m '" '" '" '" M. ILH. W....I. . M", G.IL AIqo'*-E ...... m '" '" '" '" '" '" '" '" Mr G. Hab.... an "" "" '" '" '" '" '" '" '" '" MrF.....1IiI "m "NED - NDn ~LIII¥I DI_. "ED - F'· . , . DI_r '" '" '" '" DI,..1ui1' CClIIII' ..tIon The dlacIo!on of DhIcIor8Iaaa' and I"IIIIlmlllldjona &r8 made In tha arrulli report (t&Iar 10 note 33). Thi DlRICtas do not haw _....- ar(II eherlII!Il'1 the Benktrd pryrO: entitled 11:> eI-er& oplionll. Dlr&eIonI' felII!I or II"1Y ameI1dmenlll pry ~ by Sheo&/1011;1oQ BlIho!oArlrull Genlirill rTMIi"1g. The Board laxJIjI d BB thBl8811 awkJBIIon Is a beat ~ ban:rrnark cl IlESBSaIng the IEMIIS 01 parformanca oIthe Board. 01 "" on II"lng be8Io, loo Boo!rd canIa8 out ..of iIVIWIIIIon cl Ito! p!rionnomcoo and Ihlll cl Ito! IIUb-<lOlTl11lttDes. The ......... IIIIIlIao 11:> IdantIfy apacllk: 1IIIIIIII In nBid cl mprrN8ll1Elrll: or strarglhanl~ and the raeu~ on arr,r 1ld:b1. to be takiBn are dlaruBBBd I7,r the """". " Zambia National Commercial Bank Plc 2009 Annual Report
  17. 17. ao.nI cammm.u 1b enable K dsctBrge lis axecUllw functions, the Board tu eatabW1ed lour pmdpal8Wld1'1l c:crnnitIae8, each QCl'>'!Irl9d by wrttten IlmII d re!eItIIlClI, deIInl~ the frequenr::y d~8, ~ and dut1e8 erd flIPOr8'1g obIgEdIon. Theee ..... '.'ilIa.... continLlilUElIy iM!kaIe prqJH& towBrd& iTIi!iUIing IhIo Bank', oworaI objo!octiwo;; in addition to liliI..-Ing IfIiciInI and iiIIactive managurn;nt of the entIrv Bark's oorv functions. A non-9XI9CUIt."8 cloucttor, chBI~ each 01 the fco.r ooovnIttees. The said 1lDI1TfIitteBa .... Audit, I..oono RIM ...... Credt.,d th, H...,.", RaoJ..-1IIld ~. AudK and AIIk Cao.w •• _ The AudK!I"1d RIo!k Ccomrritteo:Ila oI1uhud by a No:n-executIve cloucttor .-od co _18 dtwo oth.,.. Non~ d~ and !he CIi8I EMcutive in BIIfIildanoe. ThI oomrritIao!o ill!IItS at Ie8It Iw" Iime& per}Sl" to eMII.-, i!iTIDIlIst oIh... EDXI.rting ~, Int8maI oontrol ~ and IIlIcItrQ and ft1im1ii1 noportl~. Its tuk InokId88 WIlIUEdlng cr1tlcal rIak 118!18 Ijej,Hra:t with IhIo hi!ilp of rTIiII'III(IiIrTliI""i: II'KI to .. port on II"oese to II"iiIi Booard. Th' comrrittl!e '4""- under 11 fDIImI charIur apprtMId by tha IxlII"d .-od oommlttoo rnarmaru rm.. lI1lm1tad IDlIlI!IIIo IlI1 lnIoomatlcn. ClatIIIn meorbeil 01 rnanagamunt BM IrMIIId to attend and P leedtlack at oormitl8e meeljngs. Th9Aucll Corrn1Ittee Plo """"" ,.,.,.,de to the boeJd the rtI/TIJlIIlIIIb"I oIlhe exterreI eudltono. Th9 oonmItIee eIeo hoIda ooperuIe meatiiljlB with II"iiIi head of inIIImal aucit dapartn"oEr"t and the i!llClerTlallUitorI when iKpJilid to liIliUoe matton are OOiliIiderad without uoouelntluence. Thl ItIrdInoI by !hi Dlr.cIorI c1rt"G!hI year .".. u Ioltowl: NED ...., 0/ • Mr C.Y. Mu......... • Mr A lA 11. ItJdFIn NED 0/ • Mrs G. ill AbpIir--Eh...1 NED 0/ Thl IoarJI nwio!ow oorrrnittee is oI1Eired by. Non-Exawtive Din!lClOr and oonailla dtwo Nan-Ex8cutive DiRIctors and Oili!i 80ClIClIIIw cI~ who IIIhII Chla! Ela:UIIw 0In0lil" oIthe Blink. On a quarl8rty bIIaII!I the oorrrnittee NMEIw8 the ooIectIIbIlty oIthe Blink ... landng portfolio by .,..,ring ad~ 10 not ooly -.wry.-od "'IIulHlory 11IQ";"""""'" but eIeo tlllllandi1g 1ftCtIce.ro procedlnl!l Bl81n h v.1Ih CRicII pok:y 01l1li ElrK, IrI:kJdl1g 00 matters reIaIIl"CI to prrNIaIa11 and aIowanOll6 Itrmpi!ilomont. " ZambkJ Nallonol commerckJl Bank Plc 2009 Annual Report
  18. 18. ",. ..." ... -"" '''~ • MrF·W-1tI • Mr C.Y. Mu.., __ • Mr 11& w..-IIIIII ",. ,. " • " " " " " " " " " " Cndlt Call1lll~ The Credit Committee la chalrsd by a Non-Elc&Cutlve Director and conll.1 01' two Non-Elce<:utlve Dnctors !1nl one EiaIoutIva Dnctor who Is also th9 Oriel EiaIoutMI OIIIcer 011111 Bark. CertaIn marrbilnl d the ExacuIIY9 MIiI1&geme1rt CanrrIttoo attend by 11YItatIon. 100 Cred~ ConmIttee euper"t'llteslha eIIooIIw irrPeI,lEII1Ialb. of mId~ and rIIIk ~ pcIcBI..m ........ ""'......,"'""""""" dlha blink', mrlIrlllk rmmgernanIlI)'IIt1lrIIIIlI1d P" _In I..... will beRt practice., loan ralinglcrecit rilk rnodI!IIing, bin pricing, and strategic bin mlVllQ8I'I1E1'l1, incUding idIIr,tir.oaliDn and oontrcl 01 ooncentrmlon 01 r1sk. The Cred~ Committee aIao approws credit with vaIue8 beyond IheI mandate fA Management. ...., ",. " ,. " • MrA "u,Ku1~ • 11'11& ........ • .... a.M. AI I .,.& EhuMll ",. " ",. • . " " " " " " " "-----"----" - ------~ • Mr G. RDIII_ Thl Board raact.'IId 10 form tt. Human ReIouI'OElB IIld ~ CorrrnltlBllto bit chalrad by a Non-ExewtMI DIr9cKr. TOO oommJtt99 will provld9 0YIIIlI11tTI d remuneration and oompensallon for SenIor M&nagamenl and k8rr' pe~nelln Ih9 b!lrk 80 aB to rDln and I1'IOIIY8:I:II 8taII 01 the quality f9qulred. MIIttEn raated to ftlrT1IrIir&Uon and compensation WW9 pPU'o'lool!ly addnm8d by 1h9 meln EIoerd of Directors. Currantly, the BIrk parlicipateB annually illooll markal l..veys and IhoaIo focusing on the rest of Mica to _'"' rT8Ikst relalad .,81198 are paid and market related trend. Iomowad In changea to benefits. Remuneration of &11 managerial staff In tha bank Is also IInlwd to thlllr IndMdUBI periorTTlllnoe. The Committee has not yet oonvened any maatl'1gs. TOO PUrpolla of the code of conduct la 10 regulale 19Qulred atandardB 01 corporaIe behaYIour by which Ih9 Bank 11 Judged In both retail and oorpofllle opefllllona. Tl1ere1ore the cod. 01 oon:Iuct !l1~ the 6I!irKI&rds by which IndMciJals v.1thln 1he EIIIf1k are ).ItVId. 1hIIoIl~ r:lthe code BftI: elntagrItV e SkIll. CIiI8 and diligence e StaIIl'1t8rart III1d gllhl " Zambia National COmmercial Bank Plc 2009 Annual Report
  19. 19. • Customer dUll dlllgan..w Icnaw)'llll" ....wrnsr • Conduct ~ buslneePI carrrnunk:allan with cu!Iomars • Conduct ~ busl ....... oonIIlct of Intamat • Duty la so..peryIaB 111e baIIrtI appol'lbl the Bank Sacrutery and .n boM:I mambarll hIM! 8OOEIII8 la the earvIoa8 of the oomperr,r ~ WhIn naaessary thl!l board may seek Independent prale88la1'Bl advice on 1C11118 matters. ThIo OOflllSf"l'J S8ClI!IC3y IIISUIaI ''''' • N"nJaI calandar Ior baa"d meatl'1gs III clrclJaled la si baIIrtI members der appro'llll. • AdaqUlrtll ~oIoilIOllb 1111 prtMdad la 1111 the rnarrbano prI .... la OOITlllllrlllll"TBnI ~the bawd and IIUb-oommItIoo maatrgoo • lb P101loate. c~lI8ofgood acrpooaleoa-nBIKl9 • l..IooIson with Soouoltlallllrld Excloorql Canvrllllllon. the 1..u1lBka Stook ExchoIroga (LuSE) wod p..-1Irld Campsnlaoo RegIstration 0III0iI (PACRO) • Maintaining Iho!o statutory oagi_ • Key IaIeon for InYe8ttn ~I"'udlt 111e extem~ .... dlta.. llIU I"lIIIpai"O!Ibie Ior IdjXlI tIo IQ on whaII1er tns """anoIeI ... taoTllll oil! fmI fIIIoty pnsl lted 1'1 fIOOI:lrdenoe wIIh IntamaUonal Rnwoclal Reporting standards and In the mwoner required ~ the Zambian Cor!lianlali Act and the Bankl~ and Rnancllll &r.oIooo! Act. CoollUltalkln <lOIllI"l!I betwaIon _1'BI1Irld I'1tamlllllUdItara la aIIact M sIIIclent IlUdR prDOilM. 1ha _malowdltmB llIU IlUpplad wIIh and aI9a cansIdar slll9POrR IsaJBd by 1I1e Intamal aut! dapartmant. lm.rMl audit Internal aOOR I1 an Indepandent. objective !I9IIumnce and ooneuRIng activity deel~ la Bdd value la the Elank and inprova Oparatiaill. It helps thl!l Bank IIOCOITIpish lis objactiva& by brhging a systama:tic, di~1ined approach la evalUI!tIi und Irrf:orove rl.lTIII"8gement. aonII:llllrld govemanoe p'OCen!lll. IntemalllUdlt pi.,.... oovar rnetIanIldentlfled In rl. rrenegernenl _menho .. wel. 1 _ highlighted by the Baerd. the AudR 1nl Risk Oornrrmaa. execuIIva dlrecto.. Md unl.... rrsnagament. 1118 Intamal audR department administratively reports to the Managing Director on day-ta-day maltBr8. but ~ IhdIym It. Oloirm.., Aucit Carrmitta."" .. "'11 ..... bMio. 1lw ~ iiUIharily and II!IIIfXI ooiJily afttw indIIprdIInI htlimal aut! &etlvlty llIU IormaIy daft1ed 1'1 an Internal audit oI1srtar v.t"Klh III ~awd ragula/bl and approyad by the hJdIt ComrritIao!o. Signilici!int i!IJCit fi1ci1g1 8n!i reporlfld ta thi!i Aucit Commitlei!i. 8tepi!i aB IIIken la addreu i!ihorIooil"i"lll in oontrcI n:I other opparu1ltla8lor Improylng 1ha 8'f8Iem. wtoaolEMlrtloay 8n!i ~IHIIed. AI slgnllk:!rt I:u3lnaes opaalloill ar9 eo.t:ojact la iUornaI ilUdit.
  20. 20. CompIarao FUnctIDn The Bank hili sat ~ an I'1dapendanl Complano& FUnction lJliiId by the Compllanca ChartIII' whim de1Ines!ha ftJndllTl8l'l:al princlpIM, ...... Md rBIIJlOI1ll1b1lt1a11 of too Compl!"""" RrdIOOB wlthl'1 thB BIorK ... weI ... lIB nlllIIIooshlp wII1 ~IYI!I Mlinllg9lTllllrt, the Board of Dncto~, 111. aB19SS m Operalb iSI FlrdIom, "The Boerd cllbcIors iII,espoolllibla forlormally ElPprovi'Ig th8 Co~ poIic¥1I!It byth8 ExI!IwtiYI!I ManagEment. EIIiciency of Irrplementetlon of tho:o poIk:y will bo:o evalooted 00 11 quarterly beeI8 by meWJI.I of • eiatlll rep<:lrI pn:wIdOO by Exeoutlve MlinIlg9lTllll rt to th9 Boa/d. The ~ clh Independon: CorT1JIhnoe FlI"dIoo !no:- _ to IdenIIIY II1d EMilUIde 111. oanplano& rIsIo within th9 Bank, _ orgariaII, co-acl IBIII an::I _ compiEnCl!l rfllBIIId conIrOII!I, - conIroIend monlllJr all rreeaold8i8ken to ~ COIT1lIhnoe n,Ica, _ oeport ""","cl ch to thl! EIoecuIIY8 MsragBmInI and !ha BoIId cl DhIcIDm as approprEle, _ let U IIdviaor of Complilncl wilhi1 l1e Bark The Complanoa FUnctjon II1d C:OOPIllroa Morllomg program &AI ~ to ~ Idapa idant rBYIaw by txoIh hIanaI anl adanaI owd~for "PP~ cllhII poIi .... .,d "opito'III ,biD' Anll-lIDnIf LaIIncllrlnl ...11., 1ha EIirl< to... ","",cod Ibo MII-Mcn.y IlIIIndurlng prtIIlOKiJ... by glllnlng &COIIIIII to "" inIlomllln.lly raported dnlnb-'e for PIOpIIlnd .rdII.. who . . ~ to bll"wotiItIln mon.y IarodIrIng ICtMtI ... following too introduction cl AnII-monoy IlIIInderlng dlmctMloo i1 2009 by the SooultlaB an::I Exctwrga Comrnl..lon, the EIirl< ru VthIr ~1"Id that III th. rI(J.IlfWITI.nIII of 1111 dnct'-" mII. Tl1IInlng of IItdI 00 .'ntI-monllY lU1d1r1ng man .... Is an 00 gol'lg crlllcllletMty 01 thl BInI< dIIIlgt1ld to trInIIIr luMclllnt knowledg. to .. m.orb .... 0I1Ia1l. Wh~ BlowIng The Whllitle IIIcMtlJ PcoIaIlll"illllidIId to"" Keasier klr mambas 01 SIlIII', ocnultants and athar ser.1ca prcr.1clon ID oeport Ir ... gulllrltlea In gooo faith without having to 110 .... that the iiCllcn. may haw adve"", oonooqUllnCElll on them. 1hII WIistIII Bh:M"ing Policy il a kill' .llment in demo'Bbali IQ !he Bank .. oomrritment to IhII hi(toelt possible standard 01 In!n!pamnc:j i1Iegoft); pPCbIly ard """""ntabllIy'" Ibo cpi!lralioo vAIh .. 1IIiIkeh<lldanl. ProIIicting !hI inIIgrity IIId n!IlUIBIiOn of the Bank ~ IhII acIMo IIIpport 0I1II1l"lIITtoI!Irs of SIafI who i1 most casee 811!1 h fhIt to.-.:>llce and MI requloud to oeport ~ o::tkio"llll of IUjAlCttod twd, oonulJllon, ool..o!Ion end ooen::Ioo ard cIher """01.IIII lnlrlrogamaorts of 111. rUes II1d poIcIH 1'1 foroa 811111 Bank, By oreeIlng M environment of tnoost and me:dmlJ"T1 protectloo 01 h membenl 01 NIl through thlll policy, too Ban< wanhI to encourage them to CO-<lperaie 1'1 M. Thl policy has put In place arrangements that ensure thal merrbani 01 stall' who report irrlQularitil!ll!l i1 good fl!lith IRI affordId the BI~ oonfidfIntialily and !hI greatell: ~ 01 protICIioo agalnllt BIly retelkrtIon or nlpriII8Il1 wI-oather sctuIII orthrae.tened !Ill • reeuK 01 whlostle blowing. " Zambia NaIIonol commercial Bank Plc 2009 Annual Report
  21. 21. ~ICommun""'" Mambanl of . .11 lit ... IIMIIo "'" Iwpt IoJIy nformud of dlMllo"",urrta wIIhIn thu Bank UII~ a "'"gu of oommoolllllllon lTIIIChanllm. Th... lnclude n_llttlrs, WIIlIItI, draJIIl"S as WIll as rlgullr dllCU.IOIlI m cllIII.rt ITIII"IIIIIITIInI IIYIIs. Thl Imphu!1 I, on two-way oomm.mlce:tlon to dIYIlop I workrtll"Cl which undlntandl Ind ~portl IhI bullln_ ph~.,.,FJhy II1d IIIn1c!i of tha BII1k. Envlronmlllt Mill "II1II1 ......... mlllt Pollc:y Thu MllMglllTlllnl II1d 80Ird or 01""""", of ZANACO """'IIniIMI thlll erwironmanllll ...-.gamont III !ha rtIIIJXllllllblllty of all puDlk: II1d prlw.l1Ilnllltutlonl. ,.. I good oorpor.l. clllZlln, ZANoJ.CO ntInds 10 1lJIIUII this I1IIpOllllbl1ty by .cIIYIIy working towIIftls hIl1II!lHllon of susllllnabll d.....loplTllnl. Ttro.Igh our bUl~ actMII .. II1d 'lllYlcu. thl BII1k wll IIJpport Irwlmnmenlal oollllllrVllion eIIorm wlihn Ill! opa"lbllll .aope l1li we! .. It.... n !ha IIlIVIoo -.ppi)' d..n n 0 ..... to oonIrIbutllO thI rulllatlon of ILIItIIl1IIblll d ...... opm.ntln ZaTlbIa. To thlft IInd thll B""k'ft EnYlronmantlll "nd Saclul MIUII.gament Policy Includlla apllclftc abJllctl""" luch '"'' L ErMI'ormlntll u..gemlnt .1 hi Workplacl - 1.1. lhIInll1l stili' In El"M"orrnantll MlIlIQIIIIlnt and ImPI"<M"G thl ~ of thl ~ _IQ " .. rt within thl SInk. b. ErMmrYT1.nIIII MlnIlQIm.nt n thl Supply Ctu.n-Tllking into I1XXlU'Tt IIlII poI«ttiIIlIlYironl11ll1tll il1lJllClt of cli.rlIII ICIMIIII, IhI Bank wllllllllt cllrIb n InYIronmental manllr-.mlng, YIhIch IIIIaIII ItrMeglCIIIy addrllllng thl anYironmentlll ftnd 1001-' lalUN of their bUlln""lel, U • oraIa cllttlng dlmenllon of dllllelopment. 11_111 Thl Bull • FrarTIN'OIk I1 dIII'lld by hi SInk of Intllmlllor.! Sltlllmlrlb (815) and IIrm to InClnllYill brb, ttrough more efficient cep~el ellocetlana, to Improve their rlak m_gement proc"""",. BlI1k of Zamble la currently lIiII oonau~ing on the roll out of th. Bull 11 FrBITIlWOrk IIIld ZANACO p8rlioiplIlH in indu8Iry oonaultationl. " Zambia National Commercial Iklnk Plc 2009 Annual Report
  22. 22. FI .... nc..1Flt_ 1'rafI- Zana:lo's million hckJde proW:ll'1g llatllnabll ftl1llldll rnJml and blnllltllO Oll" MaIo8holdlrs and WI '11111 prtn-'t,' dlpl"" our Corporllll lOOIaI fMPOI'1llblllty InllllllvH In 8lIpport 01 rur brold ml.lon by 8nhIInclng thl IIOCMI, U.-gll and undanrh!nd~ of 1I""""h,1 ENI""", In boIh nnllIrld urt.n ...... wIIh splOlllc "",plUs on thll unbftnklld. By FJI"OYI.tng .... nnanclalll*'acy, WI '1111 aim 11 ct.nglng behaYlou"s wIIh I vlaw 10 Improye 1111 WIll being oIlndMdulll1n 18lIIIaItlIbll Undrthe ftnardll ~ programn-. 'NI" t.gItlng 1I1_lTIIjor groups wt"K:h Include; chlllrMl thrcl.V1 ~ IIIU:aIIYI PPOCl""""""" almod • IntPIJctJ~ the ftlllncllllla..cy bAlca 0!IlIy n ~1tI to h~ them bIJ~d stPIJng ftnencllllltu"odllllonl!.; The Gan. .1 lIlIuK popullllion Md Entl"lpl"lrwul"I through mldia ~litillliDn Md interactiwl programm.. llimld III snnlllhlnlng thllr ftllllnclll knowlldgW .kllls to hIIp thlm rro.M bllbr InI'oITTlld dIIoIslcn on ihl anW1t r.d luIul"I U. 01l1li*" 1In1/lOkll """'lnlI!III. As Il"IIUft oIlmplel, .. 01100 at Flnlncllll..llwacy progownrroe:- • CMlI" 100 **"'* '- been a:kJpilid IhiI:lugh OU" bnrdI netwgrk rd ~dI!Id will ftll!l/lClklll!ido""" ITI!IIerW to .' .... '0 t IhIi programn-., • OWl" 5.000 pu~1s ~ bier! InlroctJl*I to Flnlncllll..llwacy bales IhII '11111 hllp ihlm nIIIw ~ oIomo.d dlOlllons on eavIrvI, dIIbt lIIId otner pi.lIIIOnaI fI"1andlli ""peo::IiI, • ihl mody lI"tiIrbd and rural population 01 ZIombil _ IIVIIId Ii"llnciallduCllion informl:lion il 1I11~ 1ociII1In~1& through flIdlo, • the Bank avall&d tha ZambllUl public IInlncllll &ducltlon Information, In comic form, In the print media, • our ctafI'.,. I"ICINIng trlHng to hllp thlm glllhli bill out 01 thelncon. 111 ..... I"ICIIwIIn ordlr to IUllaln 1hImH1v.. ZlinIOO 11 oommIttId to hIIp~ cltlz«11 b8c0n. ftllll10lllly Ill. ~ .. hlpP~_ 1l1rough 11111 proglllrllTlll, ihl BlInk had 49 studIntIlrom wrIoUltrllnl'1g ooIIlgM 1'1 IhIi country on 1limporlly _lgnrTIIrM under the Looam .....p P"'llram"", wIIh iha T.aIToICllllIIId VooIIIIor.! Entrep""""'l"IIhlp Tl"lllnlng Authcrlty {TEVE"TA}. Thll progrlmn. I. In1lindld to provide prICIlcIIl workplace IJlpertlnee for student. In ......Iou. bu.lnns dl.clpnnu. 1liI programn-. prtJllidlfo I ftilXlllol aoo 00iII1ffIctivIo pipllilil 01 tunM .-utlII1n rIiIflOI'li'iII to!hl ch""lli"<l nl:iul"l 01 ~ whllol provld~ an opportunity for students In mCiUI dllclpln.. to gIIIn IlIlulbll practlclil blllklng axperIlnoe. 1hiI ot........ of!hil progrlilYl'lli incIudl:- • 1b proyIdll mechlrUm for IIIIdbll rror.glnwnt 01 human IIIOUrtlIIlI pllk bU!l~ parIod •• • To proyIda an eaelt,' contlnUOllllly IWOIlI!I!IbkI polei ,tkoI talent pool to fIIad thll oani<ll ar!ha Beri< In luIuru. • 1b proyidlllllViOil to the OililYllunity tl"rll<ql!hl OOi'i1il"IJnity 1011001 rllPDilIibility progi'liTiil11. Ern....,.. ....... Prag......... Thl Blnk undertlkM a Ari.. 01 hlaKh and WIIln..s initilt....s to Inlul"I a producti .... workfOl'Oll. To thil and, thl Blnk hu I contributory mldlcal scheme Ind a comprlhlnslvl HIVlAIDS workpllce programml. 1hiIllm oIihll8 hIII!th and WIII'1_ HtII:lt.'M I'1cUd1:- • To mproye .-n~0'fIII hllllh • To mdWII haaIIh CIII"II 00i!Iti IUlh ... iIbEo" I'm Md I"jury • 1b mproye ~, lncIudl"G li1hInl*ll1ilnroYork, morlll and communication and • To I"IdUOil8ld' tumowr " Zambia Nallonol commercial Bank Plc 2009 Annual Report
  23. 23. E",...,.. Sh... OwnII..hlp Prog..... _ (EIOP) following h .u~llnllllI PUblic Obr gPO) In 2006, I~ ~1oyM.t11r9 option _ llIIblld ~1cI)'III 10 bIoorro. IhIrIhoIdlrs I'l 1101 IIInk, Ihrough . . IIIII'IId dlllrTld ~m plan. TllIlintun.-.bled I~ bin< to IMXImI. I~ vakJe of IImploy .... shs", ownllrship, through thll glnlrlllion of IOYlllty, pridll, knowledgll IInd IImpowllrmlnl. z.,_ FoIIt..1 CIIm S1nsalonal ZlnICO Footbll Club, IponIOrIid by Zambll NlIIonll CorrrnM'CiII BIn< Plc, 11 amorcl 1101 lop ller IootDIII oUJa of IIvI Foatboll hIIoc:il:tion ~ 21mbilo (FAZj P.-r1i1r Ie!lgUl. ZIII1Ioo FoothllI Club are 11vI2009 Nalional Chlmpiona of In., FAZ Premier laague 8I1d 11011116 In., 1Ifth Ime 111'- raIeIIYe y<:lU1g Ioott.l oIub nae ""tln the z.nt,1yn P"",,1er ~ ~Iomhlp. ThI Bank wil oontinuI 10 .upport Ihl club oot j.JI!t for Ihl aaka of apart and footDIII, but U I dlmonatrltion of ita oommllment to Copoilllll 80cIid ReoIponl!lblllly and ."...., ....... '0;0 ,I dthe BtrK'II brand. Zarrbla NaIIonol Commercial Bm~ Pk:: 2009 Annual Report
  24. 24. 1111 ~IIII Act NIP'M 1III1lr.clors to PNPIN tnnoIIIllatllil .. lis !er MCh tnnoIII ~tIwt ftte I ilia and ~'IIIW 011111 stmI 0I1f111i1i 01 the Blnk 11111: the lOO 01 the ftrwldll ~ and 01 lis piOllt or kill. ft aIIo l'Iquns 1111 dnctors to IIISU .. It-.!lhl Bark '-PI propIi' IICCCU1It1g NCOrds It-.! dl.w., with ...::nbiI1ICCIDCY, Ihl ft'1anc111 poIItlon 011111 SInk. 1hIrr' .. 1110 l'llporiiiIbII!er &allgiIId"G Ihl . . . . r:l1III BInk. 1111 onctcn IOOIPI r.pon1tlll1ty1or1lll ....uII ftrwICIII .... ,.. ,15, whim " - bIIn PiIlPllld IIIII'Q ,"",0jli1lD .xoJnS1g pctoIIiIllWCI t.:l by rllUCnbllllllmIIIIs. 11 txI fuillllywlth I1iImIIIjcnl AwIoIII FIIportI1g standIrdI rd 'h iQJliIITWD al'1III ~Act and Ihl Blnkl1g .,d AwIoIII SIMlIIAct. n.1l~i1i'" 011111 ~rb1 'hi 1111 ftrwICIII iIIlIIIil. n:. ftte I trul 1nl ~r 'Mw r:l1III stD 0I'h ft'1n:11I .rr.Irs 011111 B&r'k and oIKs piOllt or klIIln ~D8 wI!h InIImItIonll Rwl:l1I RIportt1g ~dMis. '!hi DINcIors IiI'IhIr ICOIPI MIPOI1~1y !erthe ~1rIlI oIlOOOlrttIg r.aords 'hi m.y be I'IIId upon 111111 prljlli'li:lon r:I tnnoIII mtImInts, III WIll III dlllgnll'Q, mpllmlnllrQ and mllnIIInl1g Int.nll oontra I'lllYant to 1111 preparatlon and IIIr prMIntllion 01 ftnanclll llallmlntl thlt are frM from mallrlll mlntallmlnl. Nathll'Q hM oorTIII to IhI tiltIi lib I 0I1t111 dlNCtors to I1ciD8t1 thII'h Blrkwll not rwneIn 11 gol1g OOIiOIm for tillIaIt ~ montm frtm 'h dIIIIi r:llhlllllllmli rt. ... , " "''' " Zambia National Commercial Bank Plc 2009 Annual Report
  25. 25. II....,.t Dn _ II...n....I _ _ We h_ aoollDdlho ft....alli otalllmon18 m ZDrrbla Nllllooal Commomllll 8ank Plc for Ira __ ..,dDd 31 o.c.mbDr 2000 DD! cut cn PIIIjIM 21110 till. ~ ftrwncllll " " ' - . - """","IMlra bDIDIICIIo_ m 31 Doamt>er 2000, IWllra pmIII Dr<:I k>ID 0""'''.,,,', .biIDI .. " cl ccmp_ ... .,.,..,."" _ o n l cl cn.nga. In "'IlJtV Dr<:I OMh -now l111118m..,'1or 11III_'hon andlld and 0 .ummory cl 'Ignlllcanl o"""unllng poIloIao and ethar IIlCplanatory nc",", 10 lI1a ftnanclol "'alaman"'. DIIDcIonI' tupcna/bWly for IhII _ _ _ '" Tho dlraotor........pcnlllb'-Ior Iha pnopo.-.tloo and lair J;nMnta!oo of lI1oa01lnanolal .,.,..,.,.,,,, In aco<:>r$nc. with InI.rotloolll RnanoIlII RllP(lr!lng SI",dwdt and with 1110 ,.qui........". of 1110 lambl", CompenlM Act and lha Benklng orld Anarn.l SaNlCM Act. ThI' ""PO"lIIbllty Includ.: dMlg1lng, mplom",tlng arid """'tllnlng Intl"'" cont'Ol """""t 10 tha prtIpIIrdcn and fIIr pnoMm.l1cn of ftllll1clal swternem. thal .... frM from mlWlfl mI_m wI»th. d.- 10 IIw.id or orror, -.ctlng ",d applying IPproprlatl accounting polcl..; Dr<:I mlla'1g lCCO~tlng ..,mam Ihlll .... I"4MOnab'- In tha cln::~. AudiIon~ Our r..ponliblity is 10 hP"" an opinion 11'1 IhI> financial 'tatlmlnhl buDd 11'1 Our audit. W. ooro::IueIDd Our audil in IlOOOI"dInoI wIIh Im.mlllanll SIIndlrdl on Aud~"'g. Thou rllndlrds .-qul"'hIIi WlIXlI'Illir" with llhical IWfJnmwrts Dr<:I pllI1 Dr<:I poorform 0 ..... dK 10 cbIIoIn ....onlb. u.urancoo tt..t tha ftrwnclllllll.-'- . . Irw from malllrllli mlMlnlmont. No 4IdI ~ poorformlng ~ ..... Ie ebtllln 4IdI ~ obout IIw 11110""'" and <Iocl _ _ .., tha ~......a.I''''two,. ItI. n.. proced.......lac:IId dapoond oolha .oo~o"" judgarrBII, lnoIoolng !ha _mant 01 !ha iIIkI of mlllerlal miMlatarrBII oIlI1a I"in",clol lIIal8m"'ia, wr..thlor d.-to frwJd er WTCI". In making 111... rllk .. ,.,Ia, 1l1li ..dllor co ..I.... Int.... IIwI .... ~pn""ln lha clraJmorlll1CM, but net Ior II1II p _ clUII_reI an opinion on Iha _IY.-I_ coollai ..I.....m 10 Iha _ , . ~ Dr<:I fU ~"" ItIIIb, et IIIIIIIn",cllII _ _ In crdIr le dallgn ouott prcced ..... et lI1a 8",k" 01 accounllng ootma"'" m""a by lha dl"""olD, .. "MIll .. _"'Ing InIIIrMl conlml No aud~ .... lnckJd.. _uIIIIng lI1a ~p _ _ cl lI1a aaccortlng poI<*Ia ulKl Dr<:IlIIIIlIDIOnosbl",_ lI1a 0U1SII pr8II",tIIIloo cllI10 ftllll1clal _arrBIIa. We bO~1MI Ihalll1a audll avlda""" WI h.... oblalrw::l la ..lIIclllnl and appmprlllle 10 provIda 0 b...11 for our opinion. """'" In cur oplnlcn Iha ..,.,.,mponylng ftnonclalllla"'""",,"" rI«> a I"", IInd IoIr..- cllra _ of lI1a IInII1Il1I11 ~no 01II1II Bank III 31 o.clmblr 200Q Dr<:I cIlia profll Dr<:I CMh IIowlI for lI1a I'Mr th'" ..,dDd In acoo""'llI with In'''m''looai FllIII1clal ~g Slanclanjl, 1111 OompoonlM Act and 1111 Banking and RnanoIII SaNlCM Act. """"" Dn OIh......, ....ul.. _ n.. 00rnP'"1M Act .-qui... thltln carrying out cur aud~ 'MIcoolkllr whlll&" thl oompoony hMI<Ipt thl accoonlhg IDCOrds and CiIh .. NOOI"dI Dr<:II1IGiSt«'S ,.qcir«l by this Act. W. oonlim IhIIi i1 cur opinion lha IICOOUnIi~ 1"IOOI'd. Dr<:I othar IDCOrda and .-gist.....quAd b-,r 1111 Compani..' Act '"- bMn IoIpt by thl oompany, 10 Iv " IPP-' from 0 ... to<IIminlllion or Ii1c:JM NCOrda. M lDqund by 1111 Banklrel and A1.r<:1aI SarvIoM Act. _ ccnfIrm IhIIi: ~ 'MI ha", obIU1Dd alI1I1IInIormlllcn and "'Ilionllllool which 10 IhI> bDD! 01 cur knowlDdgo and ballalwwo n.....wry Ior lha p . . - - of cur ..dK; 10 110 1ranlacl100I or condlllo.. ohcIIng tha WI~ blllreI or tha bark h..... oonw to cur atlanllon IhIIIln cur opinion .... not . _ o r Dr<:I roqulno ..."Incallon; 110 'MI .... not _ _ clanyl..-cllon IhIII hM not bMn within lha powIIno or lha bark cr whloh _ ccnlowy to lI1a 8ilnlclreI and RIIII1c1111 &lNlOM kI; Iv) lI1a.. I1 110 non~lng or rooIrucI .... d IcIIn owing 10 lI1a """I< whoM prlnclPIII IIITIDIJnI ......- M' clllIII ragulllloor capital cllra bDnk: .., 1110 company hM ccmpll!d with tha pmyIIlOOI of 1110 Banking and Flnar<:1aI &lNlOM Act and Ira ragulllllOOl, guklBllnllO Md p.-:rtlllo.. 1MlJi!d ~dar lI1a Act. " Zambia National Commercial Bank Plc 2009 Annual Report
  26. 26. ProIIt & u.. Account 11 ..... ,• 11~"r I"""""" Ino<:mI.I , , "'." "" ..... "" ,.". Im.r.t 1ICPII1_ {lg,e62) "'"""" ".000 . "" Ne!1_hxlml IrrpUrnInt ctlargII m ~III ~ " .""" Ne! i _ ilooml ""- i'npBint1ll1l "'."'" 228,515 FeI and canrnsslon hloml , 143,7N 113,28&1 NII_"" _m"'" 1_ 143,11t1 113,261.1 GIi1& l1li; . . . from dIdV in funllgn ........,..,. 0thIr opnllrQ I100mI , ." 23,10!5 2.7,3El "'"" ,.'" 2..5,2.42. 1btI11_ ""." '"'.'"' , ""'.". "'"."""' .... Opaolli IQ 8iCIlII ' -.,", PraIII ...... ~ . . _ . . ,~ ...... " . , .., ...... PIoIIt b"tt.1'MI' N.'"' 151,51B15 Dlllldend peld (1'111) (16, Igl) {10,0(1) Bllic:ldluIICI ~ingl per s- 0<waltII) M.ro "."' " Zambia NaIIonal commercial Bank Pie 2009 Annual Report
  27. 27. • 'life i i Ai • _ _ - -,. ........... I1D I Ohlr ..... ' ipiiII. oel • n:.com. • • ' . Netgei" lon.III~.fcr:eeIIo ".ooieI_ ',"" InoI:mII "" ~ 1I:I ..... ,ipOi • • d of-. , ~ ISo< on dIP""" d jOfOI)Ci ty , "RIIIoI 01-. ~f""""lof:me for"~, net 01-. ."" ''''''' ...... " 20mbla Notional CommercIal Bonk Plc 2009 Annual Report
  28. 28. ~ IDnUUV 600(; Old l!UDg IDIOJaWWD:J IDUOIIDN DIClWDZ --''''''''' " ''''"''' . "" ., :1.q IIIIIQ 1:11 UO PIU~II P~ DUll: lPIIW lII9 uo ~CIIOQJ p p.og q1.q IrIIII4 PIN:II~ _l1li ~ Ill: IIIIId uo ,,~ IIIOlIa.U I~ II!l8'"UI'C: m"IIEl(YEl lIIIiQIIU PIlI f.Irtle IIRL ...," >8c:'i!ZEl WO',", A1!nbll IIRL !18II'MI> II)J~PIU~ "'li ltld'll '" w"lJAJd .... 48 ~­ ""'" """ 09"l' >> ,",'" '" " _ _ UOIJll1I'W'1:l -~""'!~ ""'" " ",'," >> 09"l' {)9Il'» '" -~'" ....... ...,," !:lS'?8!l'C: "'" ..... """ QLl'~'C: Dl8')og> 8~'CC: '8.l"El> lIIKI'lC: " " " - ...".,""" 1IRIlCllllIIIIO.l MroIICIIII"~ oIiI!QIII UlIUIJOLI PNIIIICl ",11'1> m', " S)J.IICI ~ l.lICl4l111Od1a Ere'~'c: 89B'c:etc: " " IlIlOd1p "u.J)lIf"() -- ~'I.m 1I!l8'" >II'C: wl"lIElD'El Dc: _ .. ""'" ~ ",,'", ~>8'» ""Il"""" pU'Ql'Wl1 ""'" 1:11»'9(:> >gg'oc> 9> L> JUIlIIlIllnbaptlll~ ...'" too'CXXI'> """" ;oQg'il9>'> ftIo8'»., m'D>., 9> cH !H anaJJQjIloo ~ IIIlCUIIIIpB P"'" IIJIIIT] 4Jrl!WJ.q-Pf'III- G!IiI-J<lI~- ~:lQIP""'QI'WJI ,9C'IIL IIIQUHlOIJ UlIU11JIlO """ ~8LEl GGG'IILC: .,L Ill""'! JIlIlO lIIIM "I''''*''Id .,ll¥1>J..J. M'"," ElL "IICIu-.zp~ullM~P~uno .,.... - II1II ..... )1 II1II.1111 )I "" JI .. n a Le IV "" ..... u.oICI Le IV ~I_I'"
  29. 29. ...•. _ .... .... I. ...._" ...... --. _ Tl I -.111 of ~ In ...,. ... .. ..... KmllllDn -- ""- Kml,l'.n KmllllDn Km.,lDn Km.1an Kml.lDn - KmllllDn '... ','" "... B!IIInoIIIIt 1 JarulrY 200B .,.... .". M ~ "'fXI br:l """,, ",,000 ,...,." PrIor ~ adjUllmlnl 2007: - o::h!IrgIIln w;xltIUnlirQ pok:y M, ' led ec.. fIlA ....... ,1IOIlIn. .... .... . ~ .... 3,412 ......, 3,412 Pmtttrlhey.r 51,gfj!j 51,99/; Net 101& on -aIIlIIo -for. ..,. e,,,,, (1,373) T,.,..,. of..,.. dtpecJldjoo e,,",, ',,", DaI'ermd "'" on _ _ dep ...J....::m • '" "'" -- ToIeII _,,,,,--lve 1 _ 0,"" (1,1851 M,,,", !iO,II12 , e,,,., .. .... ,,,", .. SIaIJmry rn~1TTIII1I pro4alon (1,1851 1,1!115 ...... , 'a...... ..,_ , ,,,", ,. 77.f!m llIIIderd ~d o..n... .IDDI ..... .... '.....' - n..., . AI: 11 11,f5I5D 11.- 41,DII 11,431 • ...,.. et 1 ...,..., JOOI 11,110 ".... n .... """ . '" CeIll,..,..1IIlw 1 _ . ProIItfa"hYMl' ,.'" ,.,.. Net gP11n MIsbb-lo.____ e ',,", ',,",, T....... of _ _ dtpoUodioo Dnrred tax on _ _ dtp.adon T~ of ~.l!dIon etter DIIJPC*II DeI'wraJ "'" on ~ e,.., "" (6,591) '," ... ', '"M" ,,' ,,'M ToIeII _,,,,,--lvel_ ,,. ."" .,,", SIaIJmry 1m~1TTIII1I PIO4Ilon 14,106 (14,106) Trei . . . . . . . . . . o.n_ llIIIdlnd ~d AI: 11 .......... JIIIII8 ".... ".... ..... ,","" .... {IB,1"1l ' n..., -.m {IB,1"1l " Zambia National COmmercial Bank Plc 2009 Annual Report

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