INDO Declares K24M Dividends to Govt

INDO Declares K24M Dividends to Govt

Indo Zambia Bank has declared a 24 million Kwacha dividend to government.

IZB Board Chairperson Orlean Moyo says the declared dividend will be payable to government through the Industrial Development Corporation -IDC- which holds 40 percent of the bank’s shares.

Mrs. Moyo said the bank’s shareholders approved a dividend totalling 60 million Kwacha for the financial year 2018.

She noted that the bank has also recorded a 3.2 billion kwacha in deposits and gross advances grew to 1.7 billion Kwacha in 2018.

Mrs. Moyo expressed happiness that the bank’s investment portfolio which now stands at 1.6 billion Kwacha is already in circulation and assisting to grow the economy and entrepreneurs.

Mrs. Moyo was speaking during the handover of the dividend cheque to IDC shortly after holding the bank’s annual general meeting in Lusaka.

At the same function, IDC Group Chief Executive Mateyo Kaluba said the declared dividend will be invested in new ventures that will help create jobs in the country.

Mr. Mateyo praised Indo Zambia Bank for its continued growth in a competitive world.

And Indo Zambia Bank Managing Director Maheshkumar Bansal said the bank will continue to play active role in the economy by supporting the growth and development of commerce and industry.

Mr. Kumar said the bank will focus on stimulating economic growth and allocating substantial resources to foster SME’s growth.