Indo-Zambia profit hits K127m mark

By BUUMBA CHIMBULU

INDO Zambia Bank (IZB) has in the last nine months recorded an operating profit of K127.28 million owing to a good performance of the institution.

IZB board chairperson, Orlean Moyo, said the Bank had as at September 30 2017, recorded strong financial fundamentals which had enabled the institution to continue playing its dutiful role in fostering Zambia’s economic growth.

“The Bank has continued to attain significant milestones because its workings have remained firmly grounded in our culture which has been the major contributor to our long-term performance and stability,” she said.

Ms. Moyo said the bank recorded an operating profit of K127.28 million as at September, 30 2017 while Net profit earned for nine months ended September, 30 2017 was K72.53 million.

She also said the bank’s aggregate deposits had grown to K2.43 billion from K2.07 billion as at December 31 2016, recording growth of K17.39 percent.

Ms. Moyo further said IZB’s aggregate gross credit portfolio had increased to K1019 billion as at September, 30 2017 against K1.01 billion recorded in December 2016.

She had since said IZB board of director would continue to nourish and strengthen its fundamental beliefs and culture of prudent risk management and focus on growing a strong balance sheet.

“It is also gratifying to brief you that the bank is harnessing the positive macro-economic environment which is an outcome of the Government’s economic stabilisation and growth programme to keep up the thrust of supporting the Government’s employment creation efforts,” Ms. Moyo said.