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Kenya

DTB profits up 42pc

NAIROBI, August 19 – Diamond Trust Bank Kenya Group first-half year profit rose 42 percent as earnings from lending increased.

Pre tax profit climbed to Sh719 million from Sh506 million for the same period last year.

Loans increased 54.5 percent to Sh1.7 billion while net interest income jumped to 1.1 billion shillings, from Sh728.9 million.

Group after tax profit rose by 41 percent to Sh502 million up from Sh356 million posted over the same period in the corresponding year.

The bank\’s Managing Director, Nasim Devji, attributed the growth to continued expansion in the customer base resulting in improved earnings from interest and fees.

“The six months’ results have benefited from the continuing growth of our customer base, with a marked improvement in revenues, particularly from foreign exchange trading and loan interest and commissions,” said Devji.

Total operating income rose to Sh1.4 billion for the six months to June 2008, a 45 percent increase over the same period last year, while at group level it went up Sh1.68 billion.

Group assets grew by 37 percent to stand at Sh40.7 billion, from Sh29.8 billion over the same period last year.
 
She said: “DTB’s ambitious branch expansion programme is progressing well, with its network in the East African region expected to increase from 19 to over 30 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.

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The group has branches in Nairobi, Mombasa, Kisumu, Malindi, Thika and Kisii in Kenya, Dar es Salaam, Mwanza and Arusha in Tanzania and in Kampala, Uganda.

The group is also set to expand its footprint in the region with plans to establish a banking subsidiary in Burundi, once regulatory approvals are received.

Diamond Trust Bank is an affiliate of the Aga Khan Fund for Economic Development, the economic development arm of the Aga Khan Development Network.

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