INDO-ZAMBIA Bank says it will focus its lending towards agriculture in Chinsali following the successful launch of the branch in the area.
Bank managing director Shankards Gupta said the bank has been closely following the economic activities of Chinsali which are being driven by infrastructure development, increased agricultural production, emerging small and medium-scale enterprises (SMEs) and mineral explorations.
Mr Gupta said in an interview in Chinsali on Thursday shortly after the launch of the branch in Chinsali.
He said apart from agriculture, special attention will be directed towards SMEs and self-help groups.
Mr Gupta said the total business mix of the bank now stands in excess of KR2.1 billion (K2.1 trillion).
He said the continued confidence and support of the banks to customers has seen its total deposits rise to over KR1.2 billion (K1.2 trillion).
He said the bank’s loans and advance portfolio also crossed the level of KR850 million (K850 billion) attributing this to the bank’s success to strong support from Indian and Zambian governments.
The two countries are the main shareholders.
Mr Gupta has also commended Government for prudently handling the economic affairs of the country as evidenced by the positive macro-economic performance.
He said this has created a conducive environment for business, investment and trade.
He thanked Bank of Zambia for the effective role in guiding and supervising operations of the banking and financial services sector which has resulted in the stability of the banking industry.