Izwe loans posts K51M profitBy BUUMBA CHIMBULUIZWE Loans Zambia Plc has reported an after-tax profit of K50.8 million for the first half of this year compared to K23.7 million the previous year.This represented a 113.5 per cent year on year increase, according to the Company’s abridged financial results for half year ended June 30, 2021 posted on the Lusaka Securities Exchange (LuSE)Giving the financial highlights, IZWE chief Executive Officer Kulusu Chisola said the gross revenue amounted to K168.2 million, slightly decreasing by two per cent when compared with prior year.Mr Chisola explained that the reduction in revenue was primarily attributed to the reduction in lending rates offered to customers when compared to the prior year.“Interest cost for the period was K37.8 million, reducing by 33 per cent as our liabilities declined in line with our increased organic collections. As a result, Earnings Per Share (EPS) increased year on year from K0.23 to K0.49,” he said.Mr Chisola […]
IZWE LOANS POSTS K51M PROFIT
