DTB resumes dividend as net profit jumps 20pc to Sh3.9bn

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DTB resumes dividend as net profit jumps 20pc to Sh3.9bn

Monday March 28 2022

Diamond Trust Bank (DTB) branch in Nakuru. FILE PHOTO | NMG

By BRIAN NGUGI
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Summary

• The lender’s net profit in the previous year stood at Sh3.24 billion.
• Its interest income increased 9.05 percent to Sh33.9 billion as its loan book and investments in government debt increased.

Diamond Trust Bank (DTB) #ticker:DTB has posted a 20 percent jump in net profit to Sh3.9 billion in the year ended December 31 helped by a rise in interest and non-interest income.

The lender’s net profit in the previous year stood at Sh3.24 billion.

Its interest income increased 9.05 percent to Sh33.9 billion as its loan book and investments in government debt increased.

DTB’s non-interest income, mainly derived from fees and commissions on loans and advances, rose 3.03 percent to Sh6.3 billion.

“We believe that the resilience, strong foundation, existing capabilities and new competencies that we acquire will position DTB in a take off spot to become a top-tier digitally driven bank in East Africa and anchor itself as truly customer-centric,” said DTB chief executive officer Nasim Devji.

The performance has seen the lender return to paying dividends, declaring a first and final  dividend  payout of Sh3.00 per share.

DTB revealed it is bucking the recent trend of bank closures in the industry to embark on an aggressive growth strategy with plans to grow its footprint in Kenya by 20 branches this year, and another 20 by 2024, it said.

This will expand the bank’s network size in Kenya to over 100 branches – and in East Africa to nearly 200 - over the next two years.