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Annual Report Summaries, Investee Companies

Investrust Bank PLC  Extract from 2020 Annual Report

Over the twelve-month financial reporting period ended 31st December 2020, results of the Bank’s performance indicate an improvement as compared to the prior period, with operational losses reducing to ZMW57.58 million (31 December 2019: ZMW74.0 million).  

The Bank’s net interest income increased by 99% to ZMW 94 million (2019: ZMW 47 million) owing to an increase in total interest income by 64 to ZMW192 million (2019: K117 million). The increase in interest income was mainly as a result of the increased investment in Government securities. In April 2019, the ZCCM-IH Board resolved to dispose off the Company’s investments in Investrust Bank Plc through the ZCCM-IH and IDC Group Rationalisation and Restructuring initiative. The Group Restructuring involves ZCCM-IH swapping its stake in Investrust Bank and Mushe Milling for IDC’s stake in Kagem to leverage on the portfolio management competencies of IDC and ZCCM-IH. The group restructuring has been granted approvals from relevant regulatory bodies. The completion of transaction is pending ZCCM-IH shareholder approval which is expected to be sought in 2022.  

No dividends were declared during the financial period ended 31st December 2020 (2019: Nil). 

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