Diamond Trust Bank Kenya reported a 4.3 per cent increase in net profit for the first nine months of 2023, reaching Sh5.99 billion.
Its net interest income rose by 19.6 per cent to Sh20.1 billion due to an increase in loans and advances to customers, which grew by 11.9 per cent to Sh210.8 billion.
Non-interest income grew by 34 per cent to Sh9.2 billion, boosted by a 47.6 per cent increase in fees and commissions to Sh5.9 billion.
The combined effect of higher interest and non-interest income resulted in a 23.7 per cent increase in total operating income, which reached Sh29.3 billion.
The bank’s operating costs rose by 40.5 per cent to Sh20.67 billion. This was mainly due to a 51.8 per cent increase in staff costs to Sh7.8 billion and a 58.8 per cent increase in loan loss provisions to Sh5.3 billion.
As a result, the increase in operating costs slowed down the growth in net profit, which was lower than the 19.1 per cent growth recorded in the same period last year.