Indo Zambia Bank pays K30 million Dividend to IDC


Industrial Development Corporation (IDC) Group Chief Executive Officer Mr. Mateyo Kaluba has commended Indo Zambia Bank (IZB) for the positive performance the Bank achieved in the financial year 2020 despite difficult times arising from the COVID-19 pandemic.

Mr. Kaluba said the success narrative of the bank not only demonstrates the prudent way the Bank is being managed, but also indicates that the affairs of the Bank are in safe hands.

Mr Kaluba however challenged IZB to change the perceived “small bank status” by some market players by being loud on the achievements which show that the bank is the third biggest player on the market and a force to reckon with.

He said this during the announcement of results for the financial year ended 31stDecember 2020, where IZB presented a dividend cheque worth K30 Million to the IDC.

And Speaking at the same function, IZB Board Chairperson Dr. Michael Gondwe attributed the successes recorded, to the shareholder commitment that ensured that the Bank maintains a strong capital position regardless of any challenges faced.

Meanwhile, IZB Managing Director Mr. Kowdichar Shashidhar pledged that regardless of the COVID-19 situation, his management and staff will work relentlessly to see that going forward there will be a sustained business growth in line with the Bank’s Strategic Plan, under the guidance of the Board of Directors and in close collaboration with all its stakeholders.

IZB as at 31stDecember 2020 has seen its total business grow by 38.89 percent to reach K9.267 Billion from K6.672 Billion in 2019.