Diamond Trust Bank (DTB) has reported a notable 12 percent increase in net profit, reaching Sh4.9 billion for the half year ended June 2024. This growth marks a significant achievement for the bank, reflecting its robust performance and strategic expansion.
DTB Group Chief Executive Officer and Managing Director Nasim Devji highlighted the improved contributions of the bank’s subsidiaries in Tanzania, Uganda, and Burundi, which now account for 35 percent of pretax profits, up from 23 percent. This enhancement underscores the bank’s effective diversification and resilience in markets beyond Kenya.
The Group’s total assets grew to Sh585 billion, a rise from Sh579 billion in the previous period. Operating income also saw a 10 percent increase, reaching Sh20.6 billion, while pretax profits climbed to Sh6.3 billion, showcasing the bank’s solid financial health and operational efficiency.
DTB Finance & Strategy Director Alkarim Jiwa noted that net interest income improved to Sh14.2 billion, up from Sh13.1 billion, driven by better interest margins and non-interest income. However, operating expenses increased to Sh10.6 billion, up from Sh9.4 billion, due to significant investments in digital platforms, branch expansion, and talent development.
These investments are part of DTB’s strategy to build robust infrastructure and support business growth. The bank’s commitment to enhancing its digital capabilities and expanding its footprint is central to its long-term success.
DTB’s performance in the first half of 2024 highlights its strategic focus on growth and diversification, positioning the bank for continued success in a competitive market.
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