Earnings UpdateDiamond Trust Bank Posts a 20.1% Rise in Profits to Kes 3.2 billion in 1H2021

Diamond Trust Bank Kenya Ltd (DTK) has reported a 20.1% increase in Profit after tax to Kes 3.2 billion during the six months period ended 30th June 2021 compared to a profit of Kes 2.62 billion recorded during the same period in 2020.

Profit before tax stood at Kes 4.9 Billion during the six months period, an 8.8% rise compared to Kes 4.48 billion recorded in 2020. The lender attributed the performance to the gradual reopening of the economy due to the easement of the containment measures to curb the spread of COVID-19.

Diamond Trust Bank recorded a 22.0% rise in earnings per share from Kes 8.59 in the first half of 2020 to Kes 10.48 for the six months period ended 30th June 2021.

The Nairobi securities exchange listed firm recorded a 10.6% growth in the balance sheet to Kes 429.6 billion compared to Kes 328.25 posted in 2020. Customer deposits in the group recorded a 5.2%  rise to Kes 313.8 billion as loans and advances to customers rose by 1.4% to Kes 204.3 billion during the first six months.

Net Interest Income in Diamond Trust Bank grew by 5.7% to Kes 9.82 billion during the first six months compared to Kes 9.29 billion recorded during the same period in 2020. Non-interest income in the period rose to Kes 3.3billion, a 5.5% rise compared

Total Operating Income for the period under review stood at Kes 13.2 billion, a 5.6% rise compared to Kes 12.5 billion recorded during a similar period 2020. Consequently, total operating expenses rose 3.2% to Kes 8.3billion during the period under review.

The Board of Directors did not recommend the payment of an interim dividend.

Earlier in the year, Diamond Trust Bank announced Mr Jeremy Ngunze as the non-executive Director of the Bank with effect from 29th June 2021. Mr Jeremy Ngunze has been a  career banker in Africa and Asia for over 30 years and has broad experience in financial services.

Read also; Diamond Trust Bank Appoints Jeremy Ngunze as non-executive Director.

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