9.5 C
Alba Iulia
Friday, April 3, 2020

ZANACO “banks” K9.2 million dividend to IDC

Economy ZANACO “banks” K9.2 million dividend to IDC

IDC Group CEO Mr Mateyo Kaluba (left), ZANACO Board Vice Chairperson Mr Hastings Mtine and ZANACO CEO Mr Henk Mulder (right) showing the dividend cheque.
IDC Group CEO Mr Mateyo Kaluba (left), ZANACO Board Vice Chairperson Mr Hastings Mtine and ZANACO CEO Mr Henk Mulder (right) showing the dividend cheque.

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.

Mr Mateyo Kaluba and ZANACO CEO Mr Henk Mulder listening to ZANACO Board Vice Chairperson Mr Hastings Mtine during the media briefing.
Mr Mateyo Kaluba and ZANACO CEO Mr Henk Mulder listening to ZANACO Board Vice Chairperson Mr Hastings Mtine during the media briefing.

[Read 798 times, 1 reads today]

5 COMMENTS

  1. 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.

  2. 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.

  3. 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!

Comments are closed.

- Advertisement -
Loading...

Latest News

I was Never Quarantined, I’m COVID-19 Negative and was Cleared- Stephen Kampyongo

Home Affairs Minister Stephen Kampyongo has rubbished media reports claiming he was one of the Ministers that have been...

Chambeshi river burst its banks, floods damage 212 houses in Shiwang’andu

Chambeshi river has burst its banks thereby flooding the Samfwa road and submerging crop fields in the Northern part of Shiwang`andu district in Muchinga...

Kasenseli youths Mwinilunga district want gold mining rights

Over 100 youths of Kasenseli area in chief Chibwika’s area in Mwinilunga district have petitioned government to consider empowering them with mining rights at...

Pensions and Insurance Board reassures industry after the arrest of three of its Senior Members of Staff.

The Board of Directors of the Pensions and Insurance Authority (PIA) has noted with concern recent events relating to the Authority, including the arrest...

HH starts sending out Coronavirus donations

Opposition leader Hakainde Hichilema on Thursday’s flagged off the distribution of hygiene products in a bid to help in the fight and prevention of...

More Articles In This Category

- Advertisement -
[Read 25 times, 1 reads today]