Indo Zambia Bank (IZB) has handed a K40 million dividend cheque to the Industrial Development Corporation (IDC) following the bank’s 38th Annual General Meeting that was held in Lusaka earlier today.
IZB Board Chairman Dr Michael Gondwe, who handed the cheque to IDC Acting CEO Mrs Lizzie Mubangalala-Mukwasa, said the bank had a strong financial performance in the 2022 financial year on the back of innovation, customer-centric culture, investments in digital infrastructure, and emphasis on SME and Retail Banking, which resulted in long-term profit generation.
Dr Gondwe said the bank’s operating profit in 2022 increased by 57.97% to K826 million, while reported profit after tax increased by 82.70% to about K509 million, up from K279 million the previous year.
He said the bank’s loan book also increased by 41.06%, mostly due to SME and retail loans, as well as loans in the agricultural, mining, social, and manufacturing sectors.
IZB Managing Director Mr. Kowdichar Shashidhar said the bank had been effectively transformed over the past few years by focusing its business activities on its core capabilities, making it more profitable, more balanced, and cost-effective.
Mr Shashidhar said in 2022, the bank refined and modified its existing products services and took new initiatives in line with its corporate philosophy of responding promptly and reliably to clients’ requirements.
Speaking after receiving the cheque, Mrs Mubangalala-Mukwasa praised the bank for demonstrating strong performance amidst tightening of credit availability on the market.
She said the positive strides IZB made in 2022 demonstrated the wide range of capabilities and innovations that the bank possessed to remain agile in a dynamic and competitive business environment.
Mrs Mubangalala-Mukwasa also praised the bank for recording an increase in profits as well as customer deposits.