Indo pays K22.2m in dividends
By BUSINESS REPORTER INDO Zambia Bank has paid K22.2 million dividends to government after recording an operating profit of K182 million from the 128 million recorded in 2016.
Board chairperson Orlean Moyo said the 41 percent profit for the year 2017 is a clear measure of the outcome of the bank`s efficiency along with strength and sustainability.
She explained that the bank has grown deposits from K 2,067.87 million at end 2016 to K 2,603.01 million last year, recording a growth of about 25 percent.
The banks aggregate gross credit portfolio, she said, increased to K1,292.62 million as at December 31,2017 against the K 1,040.00 million at the close of 2016, representing a 24 percent rise.
Ms Moyo was speaking during the unveiling of the 2017 annual report and symbolic handover of dividends to the government.
She said the credit growth is essentially capital which the bank invested in the Zambian economy to drive economic development and job creation.
"The total business mix of the bank as at 31st December 2017 was K 3,895.64 million as against K 3,107.87 million in December 2016 imparting considerable financial strength to the bank to play a significant role in the country's economic development.
"The investment portfolio of the bank grew by 72.76 percent at K1,344.70 million against K 778.37 million in December 2016,"she said.
Ms Moyo said the total income for the bank increased to K589 million in the year under review from K478 million the previous year.
At the same event, the board chair handed over a cheque of K22.2 million as a dividend payment to the Industrial Development Corporation which holds a 40 percent share in the bank on behalf of government.
And speaking when she received the dividend, IDC acting group chief executive officer Pamela Musepa commended management and staff of the bank for their commitment to making it profitable.
She said government will continue to provide a conducive business environment to support business growth.