Thursday, March 28, 2024

Investrust Bank Plc makes a K100 million profit

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BoZ Deputy Governor Bwalya Ng’andu
Bwalya Ng’andu

Investrust Bank Plc says it reaped a K100 million profit during the 2016 fiscal year.

Investrust Bank Chairman Jacob Mwanza says this was achieved through the increased customer base which he said currently stands at over 100,000 through-out Zambia.

Dr. Mwanza said this in Lusaka last evening when he officially launched the InvestGO Pre-Paid VISA Debit Card.

“Our strong banking offering makes us very competitive and we aim to be the Bank of choice for many given capability,” Dr. Mwanza said.

He said the Bank boosts of having 27 branches, three agencies and over 60 Automated Teller Machine (ATMs) plus the PayEasy and the VISA Green Card, all aimed at customer satisfaction.

And Bank of Zambia Deputy Governor Bwalya Ngandu commended Investrust Bank for devising the InvestGO Pre-Paid VISA Debit Card.

Dr. Ngandu said this in a speech read on his behalf by Bank of Zambia Senior Director-Supervisory Policy, Chisha Mwanakatwe.

He said the Central Bank is committed to ensuring that Zambia has a vibrant and robust financial sector such as Investrust Bank that spans more two decades of its existence.

“As a regulator, we will continue to monitor, guide and support the financial industry and l applaud Investrust bank Plc for this great initiative and contribution to the banking seector spanning more than 20 years,” Dr. Ngandu said.

Dr. Ngandu adds the Bank continues to implement various monetary policy interventions that have culminated to stability of the local currency, the Kwacha, management of liquidity and ultimately, inflation in the country.

13 COMMENTS

  1. Will Will the poor common Zambian benefit from this ? That is the question we need to ask with increased poverty under pf

    • So how many tiers of directors does BoZa have if Chisha Mwanakatwe is Senior Director? Deputy Director, Director, Senior Director, Deputy Governor, and Governor? For a small country like Zambia, why should we have such a tall structure at the Central Bank? Is it to massage egos of some long serving employees?

    • …oh no. Here we go again… More cheeky staff, more Jeeps, more Ford Rangers, more infidelity, more tu ma grey tight trousers… Mxxm.

      Thanks

    • Buckteeth, is the story about BOZ or Investrust? You are back to your old ways of using your private parts to think.

    • @Shushushu – my private parts have more intelligence in them than your airhead. BoZa is referred to in the story and it is an aspect that requires comment. Serial plonkers like you only “think” in straight lines.

  2. Poor reporting – he didnt say Investrust realised that much profit. The K100,000 was capital that was raised for the bank. Those are two different things

    • Phew. Thanks for clarifying. I was just wondering how you can make that much of profit from 100,000 customers. meaning each customer on average paid the bank 1000 kwacha in profits. Looking at the clientele, that is not possible.

    • I’m confused! On what basis have you concluded that the report should have been referring to capital raised and not profit? I think it is completely possible that the bank made a profit of K100M which is $10m. Yes that calculates to each client on average having contributed K1,000 or $100 in profits. However, averages to deceived. When you consider the multiple income streams of banks and that they have not only individual but corporate accounts which will contribute much more in fees and it is very conceivable to attain the K100m profit. Infact for a bank of Investrust’s size (27 branches makes it one of the largest in the country) anything less than that, then it would under performing.

  3. Just wondering if it morally OK for a former central bank governor to be appointed chairman of a commercial bank. Quite easy for him to use his influence and connections to circumvent the banking regulations.

  4. This is surely not profit but capital injection raised through Meanwood rights issue! Very poor reporting uku tapulapo fye ichushi! How can the report a K100m profit at year end when quarter in quarter out throughout 2016 they reported losses and were clearly undercapitalized not until the Meanwod injection ? Just common sense. K100m profit for a bank in Zambia? Probably only 1 or 2 blue banks do hit that level of profit in a year.

  5. @The Chosen One. It most certainly is and is a very common facet the world over.The idea of having a Former Central Bank Governor reinforces the notion of expansion on the basis of sound banking practices and the very same connections help raise capital abroad. Citi Bank, Standard Chartered, Stanbic bank and alot of other financial Institutions implore the same strategy.Always try to look at aspects from a positive perspective.Not everyone of influence is morally decayed in their ways.

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