ZANACO Pays K134.7 Million Dividend to IDC
Zambia National Commercial Bank (ZANACO) has delivered a K134.7 million dividend to the Industrial Development Corporation (IDC), reflecting the IDC’s 25% stake in the bank and underscoring ZANACO’s robust financial performance for the 2024 fiscal year.
The dividend cheque was officially presented by ZANACO Board Chairperson, Professor Oliver Saasa, to Minister of Finance and National Planning, Dr. Situmbeko Musokotwane, and IDC Chief Executive Officer, Mr. Cornwell Muleya.
The ceremony took place during the Ministry of Finance’s Townhall Meeting on the 2025 Second Quarter Budget and Economic Performance and the 2026–2028 Medium-Term Budget Plan, held at Mulungushi International Conference Centre.
Professor Saasa praised the government’s efforts in fostering an enabling economic environment, which he said has contributed significantly to the bank’s profitability.
“To deliver a healthy dividend like this, we appreciate the hospitable environment the Government has created,” said Prof. Saasa.
The payout follows a record-breaking financial year for ZANACO, which posted a profit after tax (PAT) of approximately K1.8 billion in 2024—up from K1.7 billion in 2023. The bank made history in 2021 as the first commercial bank in Zambia to exceed K1 billion in PAT, and it has since maintained steady year-on-year growth.
