Zanaco Bank Plc has declared a dividend of K9.2 million to its shareholder the Industrial Corporation Development (IDC) for the financial year ended 31st December 2018.
Speaking at the handover of the cheque in Lusaka, Zanaco Bank Chief Executive Officer Henk Mulder says the declared dividend is out of the 25 percent share that IDC has in the commercial bank.
Mr. Mulder says in 2017, the bank recorded a net profit of K117 million of which a 5 percent dividend was declared to IDC.
He says last year the bank how ever recorded a net profit of K184 million of which a 25 percent dividend is declared to IDC.
And IDC Chief Executive Officer Mateyo Kaluba has congratulated Zanaco Bank on its 500 percent increase in the net profit records.
Mr. Kaluba says Zambians needs banks that will have the confidence to invest in the country.
He says Zambian banks understand sectors that can bring development to the country.
Mr Kaluba has since urged companies that are listed on the Lusaka Securities Exchange to demonstrate that being listed on LuSE is a good thing.
He says Zambia needs banks that will allow people in the country to own shares in various companies.
He adds that IDC will use the dividends it has received from ZCCM-IH, Indo Zambia bank and Zanaco bank to capitalize some food processing industries in the country.
Recently Indo-Zambia Bank declared K24 million dividend to its shareholder the Industrial Development Corporation for the financial year ended 31st December 2018.
Speaking during a media brief before the cheque handover, Indo- Zambia Bank Chairperson, Mrs. Orlean Moyo disclosed, the bank recorded 37.9% growth in operating profit from K182m (2017) to K251m (2018) with net profit recording a 28.3% increase from K108.9m (2017) to K139.7 (2018).