Regional and listed lender Diamond Trust Bank Group (DTB) reported a 10.6% rise in net profit to KES 5.4 billion despite a slump in non-interest income. Net interest income rose 11.8% to KES 15.9 billion, despite a 700 million dip in interest from government securities. Non-interest income declined 5% to KES 6.1 billion year-on-year mainly driven by a sharp fall in income from foreign exchange trading.
Operating income totaled KES 22 billion, up 6.6% from KES 20.6 billion in H1 2024. Operating expenses went up 20.6% to KES 14.8 billion. Profit before tax rose 14.5% to KES 7.2 billion, while profit after tax edged up 10.6% to KES 5.4 billion, underpinned by lower costs of funds and expansion of its loan book. Earnings per Share improved to KES 17.04 from KES 15.54 in the same period last year.
DTB Balance Sheet
The lender’s asset base expanded by 4.5% or KES 26 billion to KES 611.5 billion, driven by strategic investments and prudent asset management. Total equity rose 19.6% to KES 100.8 billion, mainly boosted by retained earnings and revaluations. Customer deposits rose 11.9% to KES 483.2 billion, reflecting increased customer confidence. Loans and advances increased 7.7% to KES 288.5 billion from KES 267.9 billion.
DTB Growth
DTB saw its customer base grow 120% to 4.1 million customers, from 1.9 million across East Africa, largely driven by increased branches and digital proposition. Digital transactions accounted for 92% of the total transactions, up from 87% in the same period last year.
The lender’s operations in Tanzania, Rwanda, and Burundi accounted for 24.5% or KES 1.1 billion of its net earnings. The bank has also diversified the market by gaining entry into the agricultural and public sectors. DTB held talks with the Tea Board of Kenya to explore ways of facilitating export payments for Kenyan tea, particularly targeting emerging markets like Pakistan and China. The bank is now accredited to collect government payments, including those for the Social Health Authority (SHA) and e-Citizen services.
Currently, DTB has 84 branches in Kenya, 36 in Uganda, 29 in Tanzania and 4 in Burundi. The bank is set to open four new branches by the end of this year.
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