Indo pays K22.2m in div­i­dends

Daily Nation Newspaper - - HOME NEWS -

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.

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