• AA- rating signifies that investors can have confidence in the Bank, making it an attractive choice for long-term investment.
• IZB’s credit rating underscores its position as a financial institution of very high credit quality and very low credit risk.
• The Bank’s total asset base increased to K18.2 billion as at 31^st March, 2024 from K14.6 billion during the same period last year.

A Credit Rating Agency has assigned Indo Zambia Bank (IZB) a positive credit rating due to its fiancial position and ability to meet its obligations over an extended horizon.

Premier Rating Services has assigned the Bank a Long Term Rate (LTR) of AA- and a short-term rating of 1.

Speaking at a media briefing in Lusaka, PRS Chief Executive Officer Dionysius Makunka said the AA- rating signifies that investors can have confidence in the Bank, making it an attractive choice for long-term investment.

“Indo Zambia Bank’s AA- rating signifies its robust financial position and ability to meet its obligations over an extended horizon,” Mr. Makunka stated.

Mr. Makunka added that the Short-Term Credit Rating (STR) of 1, highlights the Bank’s capacity to honor its immediate payment obligations and assures depositors, lenders and investors of the Bank’s ability to meet short-term commitments.

“With efficient liquidity management and strong liquidity buffers, IZB can navigate short-term challenges effectively. Both the LTR of AA- and STR of 1, place IZB’s obligations in the investment grade category.”

“IZB’s credit rating underscores its position as a financial institution of very high credit quality and very low credit risk. As we present this credit certificate, we reiterate the institution’s unwavering commitment to execellence,” he added.

Speaking at the same event, Indo Zambia Bank Managing Director, Kowdichar Shashidhar said the positive Credit Rating is an endorsement of the institution’s strong financial fundamentals which have continued to strengthen.

“It is with great pleasure and a sense of humility to receive the highest level of credit rating assigned to a commercial bank in the Zambian Banking industry.”

“Our institution has been bestowed with the prestigious AA credit rating by Premier Credit Rating Agency, a testament to our Professional workings, commitment to operational efficiency, excellence, Robust Risk Management and strong and resilient financial fundamentals,” Mr. Shashidar stated.

Meannwhile, Mr. Shashidar disclosed that the Bank’s total asset base increased to K18.2 billion as at 31^st March, 2024 from K14.6 billion during the same period last year.

He said the growth has imparted significant strength to the Bank as it ensure sustained earning capacity for the Bank.

“The Deposit base of the Bank stood at K15.9 billion as at 31^st March, 2024 against the level of K12.8 billion as at 31^st March, 2023 a clear show of the trust and confidence of our customers and the general public in Indo Zambia Bank which loyalty and sustained support has been a cardinal   ingredient in driving our consistent growth.”

“The total Equity and Reserve of the Bank stood at K2.34 billion as at 31^st March, 2024 against the level of K1.8 billion as at 31^st March, 2023. The Bank’s strong capital base supports our growth goals and enables the Bank to meet our customer needs.”

He further disclosed that the Bank has sustained a strong Capital Adequacy Ratio (CAR) of 24.90% as at 31^st March, 2024 against a Regulatory requirement of 10%, which is a clear measure of the its resilience.

Mr. Shashidar commend Government for embarking on the path of economic repair and development through the various economic national initiatives that are poised to transform the economic landscape of the country.