Economy

Indo-Zambia Bank Declares K24m Dividend to IDC

Indo-Zambia Bank has declared K24 million dividend to its shareholder, the Industrial Development Corporation, for the financial year ended December 31, 2018.

Speaking during a media briefing before the cheque handover, Indo-Zambia Bank chairperson Orlean Moyo disclosed the institution had recorded 37.9 per cent growth in operating profit from K182 million in 2017) to K251 million in 2018, with net profit recording a 28.3 per cent increase from K108.9 million to K139.7 million the same period.

Moyo said the Board was proud of the historic performance which further established the bank as a progressive brand dedicated to providing services that create value for its shareholders and other stakeholders.

And IDC Group chief executive officer Mateyo Kaluba said Indo-Zambia Banks achievements continued to be an example of what good performance and management can achieve.

He said IDC took pride that the bank was performing well and “excellent work is being done by management, despite the competitive environment that exists in the banking sector”.

Kaluba further said the dividends the IDC was receiving were being invested in new ventures to create jobs.

“[We are]  therefore proud of the impact that Indo-Zambia bank is having on the country. The country needs institutions that can create jobs and invest in greenfields and IDC was created to specifically fulfill that mandate on behalf of the Zambian government,” said Kaluba, adding that IDC, as a shareholder, was confident about the future of the bank, and “also certain of the bank’s prominence on the Zambian banking landscape, for as long as it continues on this trajectory”.

IDC holds 40% shares in Indo-Zambia Bank.

2 Comments

  1. Daniel Banda

    How can Zanaco a local grown bank be beaten by a foreign owned bank, surely?

  2. Christopher CJ Mutambo

    Impressive performance
    #IndoZambiaBank

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