ZANACO Bank Plc has declared K9.2 million dividend to its shareholder the Industrial Development Corporation for the financial year ended 31st December 2018.
Speaking before presenting the dividend cheque on Tuesday, ZANACO CEO Mr Henk Mulder said liquidity and profitability are some of the core values at the bank.
He said the bank was a Zambian financial institution and will strive to remain profitable so that it continues to declare dividends to shareholders.
At the same occasion, ZANACO Board Vice Chairperson Mr Hastings Mtine said the bank will continue growing shareholder investments to result in higher returns in future.
Receiving the dividend cheque, IDC Group CEO Mr Mateyo Kaluba said the transformation process being implemented at ZANACO is now yielding positive results.
He said IDC is happy to receive the dividends that have increased from last year’s K1.2 million to this year’s K9.2 million.
Mr Kaluba said the strong performance by the bank also demonstrates that it has a competent team that understands the challenges faced in the country’s economy.
He said, it is gratifying to note that some listed companies such as ZANACO and ZCCM-IH are performing better.
He added, it is the desire of the IDC to see more companies get listed on the stock exchange.
Mr Kaluba further said the funds will be invested in various projects such as fruit processing in Eastern and North-Western provinces, Kawambwa Tea in Luapula and Cashew nut growing in Western province.
IDC holds 25% shares in ZANACO Bank Plc.
K9.2 million only, isn’t this a bank that is supposedly big, strong and reliable? ZANACO’s tag line sounds like the tag line for my my. The Real Olivia Pope confirmed all 3, The Nubian Princess said the same, and Mushota said it is only strong and reliable and not BIG. Whatever happened to Big, maybe it was the London weather. Anyway I hope the 2019 dividends will make her rethink kaili she’s coming back home.
Only banks make a killing in hard times…
Is this all ZANACO can declare to Govt as dividend? And the IDC Director is happy with this meagre dividend at 25% holding for such a huge financial house, and this is for a financial year not a Quarter? Show your relevance IDC, the Govt needs cash – otherwise it is time to think of placing IDC as a Department under MOF.
At first, this might sound impressive…but when you consider the 25% shareholding of IDC in what is arguably the biggest back in the country, the ZMK9,2m return is quite a joke! I would say either the economic fundamentals are really in a mess in Zambia or the bank is under-declaring its profits, especially when you consider that other major shareholders are international investors such as Rabobank of Netherlands. No way they can accept such paltry rates of return for their investment!
Wasn’t it just two months or so ago somewhere it was reported that Zanaco has made a loss.