By MAIMBOLWA MULIKELELA-
INDO Zambia Bank (IZB)’s business mix registered growth of nearly 20 per cent with total deposits reaching a level of K1.5 billion as at December 31, last year.
Board chairperson Orlean Moyo said the total business mix grew to a level of K2. 393 billion as at December 2013 compared to K2 billion for the previous year.
She said for the financial year ended December 31, 2013, the bank’s deposit increased from K1.228 billion to K1.511 billion representing a growth of 23.06 per cent.
The bank also continued with the consistent growth of its credit and advances portfolio which increased from K780.47 million in 2012 to K881.62 million as at December 2013.
Speaking during the 29th Annual General Meeting cocktail party in Lusaka, Ms Moyo said the bank paid tax worth K22.70 million during the period under review.
She said the bank’s equity increased from K239.18 million to K276.74 million by way of capitalisation of retained profits.
The capital adequacy of the bank as at December 31, 2013 stood at 26.37 per cent.
Officiating at the same function Secretary to the Treasury Fredson Yamba said the Government was happy about Indo Zambia Bank because it had over the past 30 years yielded tremendous success and made significant contributions to the social economic development of the country.
“I also note that the bank’s total business mix has registered growth nearly 20 per cent with total deposits reaching a level of K1.5 billion and the balance sheet size growing in excess of K3.5 billion,” he said.
Mr Yamba said the bank attained an operating profit of K63.3 million and net profit of 37.2 million.
Indo Zambia Bank managing director Shankardas Gupta said the bank had sustained the momentum of ongoing branch expansion initiatives and achieved the milestone of 25 branches across the country.
He said the bank had remained committed to its corporate social responsibility by earmarking a portion of its profits to support the communities.
So far the bank has invested K184 million to fulfill its corporate social responsibilities.