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DTB maintains growth path

NAIROBI, Kenya, Mar 10 – Diamond Trust Bank (DTB) has posted a group after-tax profit of Sh1.12 billion up by 52 percent compared to Sh739 million for the same period last year.

The group’s customer deposit base went up 55 percent from Sh29 billion in 2007 to Sh45 billion over the corresponding period ending December 2008. The loan book for the group rose to 47 percent, to stand at Sh34.1 billion

“The results are a reflection of the sustained expansion of the customer base, complemented by a rapid branch expansion programme being implemented across the East African region,” said Nasim Devji, the Bank’s Managing Director.

This growth, she said, had seen DTB’s market share of deposits, assets and profitability increase, year after year, over the last seven years.

The group asset base grew by 56 percent to stand at Sh56.1 billion up from Sh36 billion; the total group operating income rose to Sh3.7 billion up from Sh2.4 billion realised over the same period in the previous year.

The Bank’s Board of Directors has recommended a dividend rate of 35 percent equating to Sh1.40 per share – the same level as the previous year.

In the course of 2008, DTB Kenya acquired a controlling interest in its Uganda affiliate which followed the acquisition of majority control by the Kenyan bank in DTB Tanzania in 2007.

The bank further established a new banking subsidiary in Burundi late last year. The Burundi operations are expected to commence next month.

Last month the bank signed up for a Sh2 billion financing package from IFC (International Finance Corporation) that will be used to boost its expansion plans across Eastern Africa, as well as for increasing its lending to the small and medium enterprise sector.

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This year the group has announced plans to open nearly 25 new branches in the region, including a branch in Zanzibar which is due to open immediately.

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