By BUUMBA CHIMBULU
ZAMBIA Industrial Commercial Bank (ZICB)’s deposits have risen to about K1.1 billion for the nine months period ending September this year compared to K63 million in 2018. The growth in deposits represents an increase of 104 per cent, according to Chief Financial Officer Louis Kabula.
Addressing journalists in Lusaka yesterday to mark the bank’s third anniversary, Mr Kabula said ZICB also posted a profit before tax of K5million as at Sep – tember this year, coming from a loss of K12 million in 2018. Mr Kabula explained that the bank was able to record a profit before tax because of the improved cost managements as well as operations through promotion of digital platforms.
ZICB has been encouraging its clients to adopt digital platforms to enable them do their banking without visiting the branches. In the period under re – view, the bank was able to disburse a total of K327 million to its clients including local corporate and Small and Medium Entre – preneurs (SMEs).
Mr Kabula said its loan portfolio grew from K91 million in 2018 to K327 million as at September 2021. He said the bank was poised for growth because of the capabilities put in place from the digital per – spective. “Because of the acceptance and appreciation received on the market, we managed to break even in the first quarter of this year .This achievement has been made just within three years of operations,” Mr Kabula said.
Speaking earlier, ZCIB Chief Executive Officer Ignatius Mwanza said the bank was committed to supporting the commer – cialisation, industrialisa – tion and growth of the customers and the economy.
Mr Mwanza said the bank would focus mostly on customers on the lower tier such as Micro-Small and Medium Entrepre – neurs (MSME). He pledged to support entrepreneurs grow their businesses not from a sub – sistence but commercial level by having governance structures in place and books of accounts.
