By GRACE CHAILE
INDO Zambia Bank has reported a net profit after tax of K724 million for the 2024 financial year, marking a 19.82 percent increase from K604 million in 2023.
Board Chairperson Dr. Michael Gondwe announced the impressive results, emphasising the bank’s continued profitability and resilience in a challenging economic climate.
“In terms of profitability, the bank saw an increase in net profit after tax from K604 million in 2023 to K724 million in 2024. This is indicative of a 19.82 percent increase from the previous year,” Dr Gondwe said.
Indo Zambia Bank’s total assets surged by 22.97 percent, rising from K16.96 billion in 2023 to K20.85 billion as of December 31, 2024. Further, the total deposits grew by 20.83 percent to K16.12 billion, reinforcing the bank’s strong liquidity position.
The bank’s total business expanded by 21.58 percent, reaching K22.65 billion, while loans and advances increased to K6.54 billion, demonstrating sustained credit growth.
Notably, the bank significantly improved its loan portfolio quality, reducing impairment losses from K157.81 million in 2023 to K31.34 million in 2024.
Total equity rose by 26.23 percent to K2.89 billion, primarily driven by increased retained earnings, which climbed from K1.83 billion to K2.43 billion over the same period.
In light of the strong financial performance, shareholders approved a K150 million dividend payout for the 2024 financial year.
“The bank maintains an optimistic outlook for 2025 and is committed to sustaining its growth trajectory,” Dr. Gondwe said.
Acting Chief Executive Officer of the Industrial Development Corporation, Leya Mtonga Ngoma, commended the bank for delivering a solid performance despite economic turbulence caused by severe drought, energy shortages, and fluctuating inflation rates.
“Despite these challenges, Indo Zambia Bank grew its revenue by 18.5 percent, from K1.69 billion in 2023 to K2.00 billion in 2024. This is what we call resilience!” Ms. Ngoma said.
She also highlighted IDC’s commitment to governance and operational reforms as part of its 2024-2033 strategic plan to drive sustainable growth across its investment portfolio.
Expressing delight at the bank’s achievements, Ms. Ngoma enthusiastically received a K60 million dividend cheque, praising Indo Zambia Bank for setting high standards.
“That’s the kind of cheque we love to receive! Indo Zambia Bank, you have set the bar high, and we expect more of these ‘happy surprises’ in the coming years. Keep them coming!” she added.
