Indo Zambia Bank rated “AA” by Credit Rating Agency
Indo Zambia Bank was rated “AA” by Credit Rating Agency, the only rating agency in Zambia. This was on account of the Bank being a stable institution and demonstrated resilience in turbulent times, Rating Agency Chairperson Wilson Kalumba – also Lusaka Mayor said. Indo Zambia was awarded a prime short term rating view with positive outlook and was deemed to be investment grade on the back of strong corporate governance principles and shareholder support.
“Indo Zambia continues to reposition itself as a partner for economic growth. The bank as at 30 Sep posted an operating income of ZMW127million and net earnings of ZMW72million. The bank will continue to enhance its risk management framework, will remain agile and adaptive to the economic environment, Bank Board Chairperson Orlean Moyo said. The bank has been in existence for 33 years.
He urged other commercial banks to emulate Indo Zambia in having themselves credit rated.