Diamond Trust Bank posted a KSh6.5B profit in 9 months to Sept 2024, driven by lending, forex trading, and digital banking across Kenya and East Africa.
Nairobi, Kenya — November 28, 2024:
Diamond Trust Bank (DTB) Group reported a net profit of KSh6.5 billion (about $50 million) for the nine months ending September 30, 2024, up 8.4% from KSh5.9 billion in the same period last year.
The bank’s strong performance is credited to diversified income streams, increased lending, and strategic investments in digital and regional growth.
🔍 What Drove DTB’s Growth?
- Lending Revenue: Higher loan uptake led to strong gains in interest income.
- Government Securities & Forex: Investments in Treasury bonds and foreign exchange trading boosted non-interest income.
- Fee-Based Services: Growth in mobile banking, card transactions, and commissions further strengthened profitability.
👉 Also read: Kenya’s banks tap forex income to beat inflation
🗣️ CEO’s Take
Nasim Devji, DTB Group CEO, said:
“Our customer-focused approach and commitment to innovation continue to drive our success. These results reflect the strength of our strategy in a tough economic climate.”
📈 Balance Sheet at a Glance
- Total Assets: KSh600 billion (approx. $4.5 billion)
- Customer Deposits: KSh450 billion (approx. $3.4 billion)
These gains reflect growing market confidence and DTB’s expanding regional footprint.
⚠️ Addressing Loan Default Risks
DTB faced rising non-performing loans (NPLs) in 2024, a trend seen across the region. In response, the bank increased loan-loss provisions—a sign of prudent risk management.
👉 Explore: How Kenyan banks are coping with high NPL ratios
🌍 Regional Expansion: A Key Driver
Subsidiaries in Uganda, Tanzania, and Burundi contributed significantly to group profits. DTB’s support for agriculture, ICT, and green finance has helped reduce reliance on traditional banking income.
👉 Read: DTB’s push into regional markets pays off
👉 Also read: Banks boost climate financing in East Africa
📲 Future Growth Focus
DTB is investing heavily in:
- Digital banking platforms
- Customer acquisition
- Sustainable finance solutions
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