FIRST ALLIANCE BANK POSTS K911M IN ASSETS

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By BUSINESS REPORTER

FIRST Alliance Bank Zambia Limited (FABZL) posted total assets of K911, 628,000 on December 31, 2018.

The bank had K420, 071, 000 total liquid assets in the fourth quarter ended December 31, 2018.

This is contained in the quarterly financial statements issued in accordance with section 61(3) of the Banking and Financial Services Act.

The bank’s balances held with the Bank of Zambia (BoZ) stood at K48, 440,000 while balances with banks and other financial institutions in Zambia was K49, 465,000

Balances with banks and other financial institutions was K 35,242,000 and investments in securities was K 259,373, 000 as at December 31, 2018.

FABZL is a small financial services provider in Zambia, offering retail banking services to the communities it serves.

Its niche market is the corporate clients in the mining and manufacturing sectors of the Zambian economy.

As of December 2016, the bank controlled total assets of ZMW: 678 million (US$69.3 million), with shareholders’ equity of ZMW: 169.86 million (US$17.35 million). At that time the bank employed 101 people.

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