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IDC CEO Acknowledges Indo Zambia Bank’s Record Dividend and Emphasizes Collaborative Growth

Today Wednesday, 27th March 2024, Mr. Cornwell Muleya, the Chief Executive Officer of the Industrial Development Corporation (IDC), expressed profound pride and gratitude as he received a substantial gross dividend cheque of ZMW 50,000,000 from Indo Zambia Bank for the fiscal year 2023.

This remarkable dividend marks a significant 25% increase from the previous year’s dividend of ZMW 40,000,000, underscoring the dedication, hard work, and strategic acumen of Indo Zambia Bank’s Board and Management.

Addressing an audience comprising Indo Zambia Bank’s Board Chairperson, Dr. Michael Gondwe, directors, representatives from prominent financial institutions such as Bank of Baroda, Bank of India, Central Bank of India, and Mr. Kowdichar Shashidhar, the Chief Executive Officer of Indo Zambia Bank, Mr. Muleya lauded the exceptional performance of Indo Zambia Bank’s leadership.

Mr. Muleya emphasized the critical role played by Indo Zambia Bank’s Board and Management in achieving such significant financial gains. He commended their unwavering commitment to excellence and strategic foresight, which not only enabled the bank to thrive but also set new benchmarks in the industry.

Reflecting on the past year, Mr. Muleya attributed the successful financial outcomes to the diligent efforts and innovative strategies implemented by Indo Zambia Bank’s team.

He emphasized that these results signify the trust, confidence, and synergy within their partnership, emphasizing that shareholders are part of a dynamic, collaborative journey towards shared prosperity and success.

Looking ahead, Mr. Muleya highlighted IDC’s focus on enhancing and promoting strong intra-group trade within the IDC Group. He emphasized the importance of leveraging collective strengths, resources, and networks to foster an environment of mutual growth and success.

Furthermore, Mr. Muleya acknowledged the challenges posed by the lack of rains in 2024, impacting food security and energy sufficiency. He expressed confidence in Indo Zambia Bank’s commitment to supporting government efforts to address these issues and lessen dependence on seasonal rains.

In conclusion, Mr. Muleya reiterated IDC’s deep appreciation for the exceptional performance and contributions of Indo Zambia Bank’s Board and Management.

He expressed optimism and commitment to a future filled with even greater achievements and successes, underscoring the fruitful partnership between IDC and Indo Zambia Bank.

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