DTB Group Reports 8.4% Profit Rise to Sh6.5B in Nine Months

: DTB Group posts an 8.4% profit increase to Sh6.5B for nine months ending Sept
2024, driven by higher loan income and banking services. Results announced
Nov 28, 2024.

Diamond Trust Bank (DTB) Group posted an 8.4% rise in net profit for the nine months
ending September 2024, reaching KSh 6.5 billion.

This marks an increase from the KSh 5.9 billion recorded in the same period in 2023.
The bank attributes this success to diversified income streams and strategic
investments.

DRIVERS OF PROFIT GROWTH

● Higher Loan Income: Increased lending activity contributed significantly to the
rise in net interest income.
● Government Securities and Foreign Exchange Trading: Enhanced returns from
Treasury bills and bonds, alongside robust foreign exchange trading, boosted the
bank’s non-interest income.
● Fee-Based Services: Growth in fees and commissions further strengthened the
bottom line.

CEO’S PERSPECTIVE

Nasim Devji, DTB Group CEO, expressed confidence in the bank’s strategy, stating:
“Our commitment to innovation and customer-centric solutions has positioned us as a
leading financial institution in East Africa. This growth underscores the resilience of our
strategy in a challenging economic environment.”

STRONG ASSET AND DEPOSIT GROWTH

DTB’s total assets rose to KSh 600 billion, while customer deposits climbed to KSh 450
billion, reflecting increased market confidence and an expanding customer base.

TACKLING CHALLENGES IN NON-PERFORMING LOANS

Despite the strong performance, DTB is managing rising non-performing loans (NPLs).
The bank increased its loan loss provisions to address default risks, a prudent step
given the economic pressures affecting borrowers across the region.

REGIONAL AND SECTORIAL CONTRIBUTIONS

DTB’s regional subsidiaries in Uganda, Tanzania, and Burundi made notable
contributions to the group’s profitability.

The bank’s emphasis on sustainability and its support for key sectors like agriculture
and technology has diversified its revenue base and enhanced its resilience.

OUTLOOK FOR THE FUTURE

DTB’s robust financial health positions it well for future growth, with ongoing
investments in digital banking and customer acquisition expected to drive further
profitability.

These results, announced on November 28, 2024, reflect DTB’s commitment to
maintaining its upward trajectory despite industry challenges​