INDO ZAMBIA BANK POSTS STRONG GROWTH, DECLARES K150 MILLION DIVIDEND FOR 2024

Indo Zambia Bank (IZB) has continued its strong growth trajectory, declaring a K150 million dividend to its shareholders following a solid financial performance in 2024.

Announcing the results following the bank’s 40th Annual General Meeting, IZB Board Chairperson Dr. Michael Gondwe highlighted the institution’s resilience and sustained upward momentum. The bank presented a dividend cheque of K60 million to the Industrial Development Corporation (IDC) for its 40% shareholding, an increase from K50 million paid out last year. 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 noted that the bank recorded a notable 18.5% increase in total revenue, rising from K1.69 billion in 2023 to K2.00 billion in 2024. Net profit after tax also surged by 19.82%, climbing from K604 million in 2023 to K724 million in 2024.

IZB’s balance sheet reflected robust growth, with total assets expanding by 22.97% to K20.85 billion as of December 31, 2024, up from K16.96 billion the previous year. Total deposits also grew significantly, increasing by 20.83% to K16.12 billion by year-end.

Industrial Development Corporation (IDC) CEO Mr. Cornwell Muleya commended IZB for its impressive performance. In a speech delivered on his behalf by IDC Chief Legal Officer Mrs. Leya Mtonga-Ngoma, Mr. Muleya attributed the bank’s success to strategic partnerships with co-shareholders.

“At IDC, we firmly believe in partnerships that add value to our investments—partnerships built on mutual trust and shared business objectives,” he said.

Despite economic challenges, including a severe drought that impacted the energy and agricultural sectors, IZB remained resilient.

Managing Director Mr. Brajesh Singh reaffirmed the bank’s commitment to growth, emphasizing its ability to navigate adversity while maintaining strong financial results.