Tuesday, June 18, 2024

Indo-Zambia Bank bullish in 2022

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The year 2022 marked exceptional financial performance and balance sheet growth for Indo-Zambia Bank (IZB),. According to the 2022 financial statement, the bank’s thrust into credit allocation to the small and medium enterprises (SMEs) sector was clearly evident last year looking at the loan/deposit ratio of 42 percent, which grew from 38 percent recorded in 2021.

This is a reflection of the bank’s good appetite for lending to support productivity in the economy, and ultimately contribute to economic growth.

End of year 2021 deposits stood at K7.8 billion as compared to K9.9 billion last year, representing a 27 percent growth.
This created good capacity for lending as loan assets grew from K3 billion to K4.1billion, representing a growth of 37 percent over the same period.

Financial analyst Cephas Chabu attributes this growth to various innovative financial products which attracted most customers particularly SMEs.

Additionally, this contributed to good balance sheet growth which now stood at K14.24 billion last year, up from K10.96 billion recorded in 2021.

The bank’s profit after tax has grown to K484 million in 2022 from K279 million recorded in 2021. The total equity attributable to the equity holders of the bank stood at K1.349 billion in 2021 and this grew to K1.75 million.

“Indo-Zambia is a bank with a great future and being partially indegenous under the Industrial Development Corporation, the possibility of ploughing back the profits for expansion and creation of local jobs are high,” Mr Chabu, who is former National Savings Bank managing director, said

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