Indo Zambia Bank Limited has increased the dividend payment to shareholders for the 2021 Financial Year to K80 million from K75 million the previous year.
Following the Bank’s 37th Annual General Meeting held in Lusaka today, Board Chairman Dr Michael Gondwe reported a 7% increase in dividends, a 33% increase in profits, a 29% increase in interest income as well as a 76% increase in the loan book.
Dr Gondwe attributed the positive performance to the bank’s new innovative products, investing in digital platforms, and guaranteeing brand loyalty through service delivery while prudently managing cash resources.
Dr Gondwe handed over a K32 million dividend cheque to the Industrial Development Corporation (IDC), which holds a 40% stake in the Bank.
IDC Chief Investments Officer Mr Muchindu Kasongola, who received the dividend cheque on behalf of Acting Group CEO Mr Henry Sakala, commended the bank for its consistency in positive performance and dividend declarations over the years.
Mr Kasongola said the dividends IDC receives from subsidiaries and investees are deployed to various investment activities that go towards supporting Government’s efforts in the priority sectors of agriculture, manufacturing, tourism, mining and renewable energy.
He challenged the bank to innovate products that would promote financial inclusion and access to credit, particularly for youths and women.
Meanwhile, Indo Zambia Managing Director Mr Kowdichar Shashidhar said the bank was committed to further growing its market and improving value and returns for all stakeholders, revealing that the bank would introduce the Agency Banking model this year.