Ratio Magazine :: The Inside Track to East Africa’s Economies - Kenya: Press Releases: DTB Half Year Profits up by 20%

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Kenya: Press Releases: DTB Half Year Profits up by 20%

Thursday, 13 August 2009

Nairobi, 13 August 2009 ---Diamond Trust Bank (DTB) Kenya group profit up to June this year rose by 20% to KES859m, from KES719m for the same period last year. DTB group’s customer deposit base grew by 54%, from KES33bn in June 2008 to close at KES51bn in June 2009. Loans and advances to customers went up by a significant 43% year on year to KES37bn for the group.

The bank’s Managing Director, Nasim Devji, attributed this performance to the continuing expansion in the group’s customer base resulting in improved earnings from interest and fees. “The six months’ results have benefited from the continuing growth of our customer base across the region, with a marked increase in operating revenue, particularly from active money market operations, foreign exchange trading and fee income,” says Devji. This growth, she says, had been achieved despite the challenges posed by the difficult business environment across the region, following the effects of the global financial crisis.

Total operating income rose to KES2.4bn for the six months to June 2009, a 43% increase over the same period last year. Group assets grew by a whopping 57% to KES64bn, from KES41bn in June 2008.

DTB’s ambitious branch expansion programme continues to progress well, with its network in the East African region expected to increase from 40 at present to 55 by the end of this year. This multi-year expansion drive, which began in 2007, is in line with the bank’s mid-term strategy to upscale its operations throughout the region by rapidly expanding its presence in major commercial centres across the three East African countries.

In recent months, the DTB group has opened additional branches across East Africa, stretching from Arua in Uganda to Zanzibar. DTB Kenya has also expanded its footprint in other East African markets following the opening in June of a banking subsidiary in Burundi, the first Kenyan bank to do so.

Diamond Trust Bank is an affiliate of the Aga Khan Fund for Economic Development (AKFED), the economic development arm of the Aga Khan Development Network. Amongst the bank's key shareholders are Habib Bank Limited (HBL), an AKFED subsidiary, Jubilee Holdings Limited and the International Finance Corporation, the private lending arm of the World Bank.

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