Business Headlines

Indo-Zambia declares dividend

INDO Zambia Bank has paid a dividend of K6.77 million to Government after the bank recorded a profit in its 2014 financial year ended December 31.
The bank has also made a tax payment of K25.37 million in the financial year ended December 31, 2014.
Indo-Zambia bank chairperson Orlean Moyo disclosed this at the annual general meeting cocktail party on Tuesday evening.
Mrs Moyo said the bank, which has recorded a net profit of K46.15 million during the year under review owing to the institution’s improved efficiency and returns, which have built a strong capital and liquidity base, paid dividends to shareholders, including Government, at the rate of 40 percent on the profit after tax.
“Although 2014 was a year of several regulatory changes arising out of macro-economic events, we performed well and remained resilient …our commitment to acting as a catalyst for economic development is strong and has been re-affirmed by shareholders who infused additional capital and reserves to K583 million,” she said.
Earlier, bank managing director Shankardas Gupta said the bank will continue to increase its footprint with branches expected to increase to 32 this year.
Mr Gupta said the bank is this week expected to commission the Chilenje branch in Lusaka, while Mungwi, Lundazi, and Serenje branches will be commissioned during the course of the year.
He also said the bank will continue to support small and medium-scale enterprises (SMEs) through the provision of micro-financing schemes.
Under the micro-financing schemes, the bank has provided support to over 3,000 women.
“We will continue to allocate substantial resources to micro-lending schemes in our quest to supplement government efforts in employment creation and promotion of inclusive economic empowerment,” he said.

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