• Gross revenue for the year ended 31st December 2020 was K1.497 billion
• The Bank’s Capital Adequacy Ratio was recorded at 30.03 percent.
• The Bank accessed K907 million under the Targeted Medium term Refinancing facility
Indo Zambia Bank has handed over a dividend payment of K75 million for the year 2020 to the Industrial Development Corporation (IDC) from K71 Million paid out in 2019.
Speaking during the announcements of results for the financial year ended 31st December 2020 in Lusaka, Chairman of the Board of Director of INDO ZAMBIA BANK Dr. Michael Gondwe revealed that as at 3st December 2020, the Bank’s Business grew 38.89% to reach K9.267 billion from K6.672 billion in 2019, Total deposits increased from K4.5 billion toK6.57 billion in 2020 representing 45.8 percent growth.
“Gross revenue for the year ended 31st December 2020 was K1.497 billion against K967 million in 2019 representing a 54.81 percent growth,” he highlighted.
Dr. Gondwe noted the Total Revenue was recorded at K210 million for the year 2020 against K178 million in 2019 accounting for 17.57 percent and Profit after Tax was recorded at K210 million for the year 2020 against K178 million in 2019 accounting for 17.55 percent growth in net profit.
“The Bank’s Capital Adequacy Ratio was recorded at 30.03 percent well above the regulatory benchmarks of 10 percent.” He noted.
Dr. Gondwe further narrated that the Board, Management and staff of Indo Zambia Bank are committed to delivering steady returns to shareholders while ensuring that the Bank continues to grow into one of the nation’s most competitive and progressive banks.
“To this end, the Board recommended and the shareholders approved a dividend payment of K75 million for the year 2020 from K71 million paid out in 2019.”
He has since revealed that the Bank accessed K907 million under the Targeted Medium term Refinancing facility.
“This was necessary to cushion thei mpact of COVID-19 on customers by extending repayment holidays, prudential reliefs and fee waivers,” said Dr. Gondwe.
And Industrial Development Corporation Chief Executive Officer Mateo Kaluba has urged the Bank to assert itself as a big Bank on the Market going forward.
Mr. Kaluba has since applauded the Banks’ performance in the sector.
Speaking Earlier, INDO ZAMBIA BANK Managing Director Kowdichar Shashidar says despite the Covid-19 Pandemic, the Bank Managed to preserve its financial and operational Sustainability in the Financial 2020.
Mr. Shashidar noted the Banks results show that in these difficult times maximizing support to clients among others is paramount in the delivery of value its stakeholders.
“We gave and will continue to give our best to create an operational environment that allows us to safely serve our customers, innovate digital products that ensure safe, secure and convenience to our customers,” he said.