For immediate release : Zambia Industrial Commercial Bank Limited (ZICB) is proud to announce a Long-Term Credit Rating (LTR) of ‘A’, assigned by Premier Rating Services Limited (PRS), Zambia’s pioneer credit rating agency. The Bank has also been assigned a Short-Term Credit Rating (STR) of 1.
This milestone was unveiled at a media engagement event held at Taj Pamodzi in Lusaka, on Tuesday, 4th March 2025.
The ‘A’ LTR reaffirms ZICB’s financial strength, resilience, and strategic growth, which have positioned the Bank to access favourably priced credit lines and provide more competitive financial solutions to customers for the ultimate benefit of the Zambian economy.
Announcing the ratings, PRS CEO, Mr. Dionysius Makunka, stated that ZICB’s credit rating underscores the Bank’s position as a financial institution of very high credit quality and very low credit risk.
“ZICB’s long-term rating of ‘A’ signifies a strong financial position and ability to meet all obligations over an extended horizon”, Mr. Makunka said. He further stated that “investors can have confidence in ZICB’s stability and resilience, making it an attractive choice for long-term investments.”
Commenting on this milestone, Chairman of the Board of Directors of ZICB, Mr Danny Luswili, said that the Bank is pleased to have been assigned the strong credit rating as this affirms its strategic vision and is a reflection of the resilient performance that ZICB has demonstrated since inception.
“The credit rating that ZICB has been assigned is not just a measure of where the Bank is standing today but is also a validation of our strategic intent and foundation for future growth. With this rating of ‘A’, ZICB is now well positioned to leverage numerous opportunities in Zambia and other markets. The rating will allow us to access fairly priced credit lines and other financial instruments, ensuring that we continue to provide our customers with more competitive products and services”, Mr. Luswili said.
With a strong long-term credit rating, ZICB has been recognised as a reliable and well capitalised financial institution, reflecting a solid financial position and exceptional leadership team. Since becoming profitable within just three years of operations, the Bank has achieved remarkable growth, with profitability rising from ZMW 3.9 million profit before tax in 2021 to over ZMW 50 million in 2024, delivering a remarkable and significant growth rate.
This achievement is testament to the unwavering support of the Bank’s shareholders, Board of Directors, dedicated staff, and loyal customers who, collectively, have been instrumental to this success.