Indo-Zambia Bank, has declared K24 million dividend to its shareholder the Industrial Development Corporation for the financial year ended 31st December 2018.
Speaking during a media brief before the cheque handover, Indo- Zambia Bank Chairperson, Mrs. Orlean Moyo disclosed, the bank recorded 37.9% growth in operating profit from K182m (2017) to K251m (2018) with net profit recording a 28.3% increase from K108.9m (2017) to K139.7 (2018).
She said the Board was proud of the historic performance which further establishes the bank as a progressive brand dedicated to providing services that create value for its shareholders and other stakeholders.
Receiving the dividend cheque, IDC Group CEO, Mr Mateyo Kaluba said the performance of the bank continues to be an example of what good performance and good management can achieve.
Mr Kaluba said IDC takes pride that the bank is performing well and excellent work is being done by management, despite the competitive environment that exists in the banking sector.
He further said the dividends the IDC receives are used to invest in new ventures and create jobs, and was 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 green fields and IDC was created to specifically fulfill that mandate on behalf of the Zambian government’, he said.
Mr Kaluba said, IDC as a shareholder was confident in 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.