Indo Zambia Bank secures highest credit rating, reinforcing robust financial resilience


Indo Zambia Bank (IZB) has scored the highest credit rating in the financial sector, affirming the institution’s robust fiscal standing and its ability to fulfill obligations over an extended period.

Premier Credit Rating (PCR) Limited bestowed upon IZB a rating of AA-zm for long-term and 1-zm for short-term, indicating the bank’s proficiency in meeting immediate payment obligations.

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Dionysius Makunka, CEO of PCR, noted that the rating assures depositors, lenders, investors, and counterparties of IZB’s capability to meet short-term commitments. The rating, he said, underscores IZB’s position as a financial institution of exceptionally high credit quality and minimal credit risk.

Makunka highlighted the advantages of a positive credit rating, including projecting a positive image of good governance, enhancing stakeholder engagement, and instilling added confidence in depositors regarding the firm’s financial strength.

In response to the rating, IZB’s Managing Director, Kowdichar Shashidhar, acknowledged it as an endorsement of the firm’s robust financial fundamentals, which have continued to strengthen.

He attributed the rating to professional operations, commitment to operational efficiency, excellence, robust risk management and strong financial fundamentals.

Shashidhar lauded IZB’s asset base, which surged to K18.2 billion as of March 31, 2024, from K14.6 billion recorded on March 31, 2023.

He added that this growth fortified the bank’s earning capacity significantly.

Furthermore, he stated that the bank’s total Equity and Reserve stood at K2.34 billion as of March 31, 2024, compared to K1.8 billion on March 31, 2023.

With a strong capital base supporting growth goals and ensuring customer needs are met, IZB maintains a robust Capital Adequacy Ratio (CAR) of 24.90 percent, surpassing the regulatory requirement of 10 percent.

Shashidhar also highlighted IZB’s deposit base, which expanded to K15.9 billion as of March 31, 2024, from K12.8 billion on March 31, 2023.

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