DTB Q1 profit up 15.8% to Ksh.2.2 billion

DTB Q1 profit up 15.8% to Ksh.2.2 billion

Diamond Trust Bank’s (DTB) quarter one profit surged by 15.8 percent to Ksh.2.2 billion from Ksh.1.9 billion in a similar period last year.

The earnings are attributable to a 10.6 percent growth in total operating income which offset an 8.3 percent hike in operating expenses.

The bank’s total operating expenses stood at Ksh.3.9 billion from Ksh.3.6 billion against a 15 percent cut to loan-loss provisioning costs which fell to Ksh.582 million from Ksh.684.3 million.

Its operating income of Ksh.7.3 billion includes net interest income at Ksh.5.5 billion which was up 10 percent and non-interest funded income which rose by 12.5 percent to Ksh.1.8 billion.

The fall in the cover for loan defaults is however on the backdrop of a 31 percent jump in gross non-performing loans to Ksh.30 billion from Ksh.22.9 billion.

Meanwhile, DTB’s net loans and advances to customers have grown by two percent to Ksh.224.8 billion from Ksh.220.4 billion.

Customer deposits have grown by 13.8 percent to Ksh.343.1 billion from Ksh.301.6 billion.

The lender posted a Ksh.3.9 billion profit for the full year ended December 31, 2021, compared to Ksh.3.2 billion made a year before.

DTB says it is targeting to open 20 new branches in Kenya this year with plans to top 200 branches in East Africa in the next two years.

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Lawrence Baraza is a prolific writer with competencies in Digital Media, Print, and Broadcast. Baraza is also a Communication Practitioner currently spearheading Digital content on Metropol TV's Digital Desk.

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