Indo-Zambia Bank Reports Record-Breaking Financial Performance in 2023
The Chairman of Indo-Zambia Bank, M. Gondwe has unveiled the bank’s stellar financial performance for the year 2023, marking a historic milestone in its 40-year journey.
Addressing shareholders, board members, employees, and the press, Gondwe showcased the bank’s resilience and innovation in navigating through challenging economic landscapes, emerging triumphantly with record-breaking results.
Gondwe commenced his speech by emphasizing the bank’s unwavering commitment to Zambia’s development, highlighting its extensive network of 38 branches across all ten provinces.
Despite facing numerous challenges including geopolitical tensions, currency depreciation, and inflationary pressures, Indo-Zambia Bank emerged stronger, more resilient, and more innovative than ever.
The chairman lauded the bank’s significant achievements in 2023, presenting an impressive array of key performance indicators that underscored its exceptional growth.
Total interest on advances surged by 19.16%, reaching K732.91 million, while total revenue crossed the K2.0 billion mark, growing by 8.65%. Operating profit soared to K1.00 billion, representing a remarkable 21.05% increase from the previous year. Moreover, net profit after tax surpassed expectations, reaching K604.33 million, an 18.74% rise from 2022.
The bank’s balance sheet revealed a robust growth trajectory, with total assets expanding by 20.65% to K16.99 billion, surpassing budgeted expectations.
Total deposits witnessed a substantial increase of 26.89%, driven by a surge in current and fixed deposits from existing and new customers. Business mix also experienced significant growth, climbing by 30.55% to K18.65 billion, fueled by an increase in advances.
Highlighting the bank’s capital position, Gondwe revealed a 28.36% rise in total equity, crossing the K2.20 billion mark. With a net NPA level at 1.25% and a capital adequacy ratio standing at 24.56% and 22.70% under Basel-I and II respectively, Indo-Zambia Bank demonstrated robust financial health and stability.
In a momentous decision, shareholders approved the board’s recommendation to distribute the highest-ever dividend of K125 million for the fiscal year 2023, celebrating the bank’s 40 years of existence.
Gondwe concluded his address by expressing gratitude to the bank’s employees for their dedication and customers for their unwavering trust.
He pledged to maintain a customer-centric approach, focusing on innovation and sustainability, and promised to continually enhance services both digitally and in-person.
