Diamond Trust Bank (DTB) has announced a strong financial performance for the first half of 2024, with net profit increasing by 12% to Sh4.9 billion compared to the same period last year.
Key Highlights
DTB’s subsidiaries in Tanzania, Uganda, and Burundi contributed significantly to the improved profitability, with pre-tax profits increasing to 35% from 23%.
The Group’s total assets grew to Sh585 billion, reflecting its expansion and growth.
Operating income increased by 10% to Sh20.6 billion. Net interest income improved to Sh14.2 billion, driven by better interest margins and non-interest income revenues.
Operating expenses rose to Sh10.6 billion due to investments in digital platforms, branch expansion, and talent development. An 11.5% increase in staff costs contributed significantly to the overall rise in operating expenses.
During the reporting period, DTB allocated 11.1% more funds to loan loss provisions, reflecting a cautious approach to potential risks.
“Our improved performance demonstrates the resilience and diversity of our group, especially in our growing markets outside Kenya,” Nasim Devji, DTB Group CEO says.
“We are committed to investing in our business to support our growth strategy and deliver value to our shareholders,” Alkarim Jiwa, DTB Finance & Strategy Director.
