Indo Zambia Bank Limited (IZB) has declared its largest ever dividend of K50 million to the Industrial Development Corporation (IDC) for the 2023 Financial Year, a 25% increase from last year’s declaration.
IZB Board Chairman Dr Michael Gondwe announced earlier today following the banks Annual General Meeting that the bank’s shareholders had recommended the total sum of K125 million in dividends, which translates to K50 million for IDC’s 40% shareholding. The rest of the shareholding is jointly owned by Indian financial institutions namely, the Bank of Baroda, Bank of India, and Central Bank of India (with a 20% stake each).
Dr Gondwe said the bank’s total revenue in 2023 grew by 8.65% and crossed the K2 billion mark, while the bank achieved an operating profit of K1 billion, against K826.14 million the previous year, representing a growth rate of 21.05%.
“We managed to produce a net profit after tax of K604.33 million. This amount significantly exceeded our budgeted profit of K540.70 million, translating into an 18.74% increase in after-tax profit from 2022,” Dr Gondwe said.
He attributed the growth to innovation, customer-centric culture, investments in digital infrastructure, and emphasis on SME and Retail Banking which resulted in long-term profit generation.
IZB Managing Director Mr Kowdichar Shashidhar said in 2023 the bank accomplished several milestones including completion of its new headquarters.
He said the bank’s strong performance leveraged on its focus on risk management, corporate governance, customer focus, innovation as well as technology and digital transformation.
Meanwhile, speaking after receiving the dividend cheque, IDC CEO Mr Cornwell Muleya said the bank’s performance was not by accident, but that the financial institution had shown consistency in profits because of dedication, hard work, and strategic acumen of its Board and Management.
“Let me reiterate our deep appreciation for the exceptional performance and contributions of the Indo Zambia Bank’s Board and Management. Your hard work and dedication are truly commendable and serve as the cornerstone of our fruitful partnership,” Mr Muleya said.