Diamond Trust Bank profits soar to Kes11Bn on innovation

Kenya’s Diamond Trust Bank (DTB) registered a profit before tax of Sh11billion for the year ended 31 December 2018, a 9 per cent rise, buoyed by improved efficiencies, innovation and customer retention’

The bank’s assets grew to Sh378 billion, 4 percent higher than the previous year, driven mainly by growth in customer deposits which went up to Sh283 billion, an increase of 6 per cent over the previous year.

Nasim Devji, DTB’s Managing Director and Group Chief Executive Officer, said: “We are pleased that DTB delivered strong results. This speaks to the resilience of the Group and its strong, loyal and diverse customer base across East Africa.”  DTB’s subsidiaries in Tanzania, Uganda and Burundi combined contributed 25% of the group’s assets and 16 percent of its profitability.   “

The Bank’s non-performing loans however dipped from Kshs 13 billion to Kshs 12.1 billion.  DTB maintained a high liquidity ratio of 53.5% at the end of 2018, compared to the 20% minimum prescribed by the regulator. It is also one of the highest capitalised banks in Kenya, with the ratio of core capital to total risk weighted assets standing at 18.7%, against the 10.5% minimum required by the Central Bank.