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Kenya

DTB net profit for Q3 leaps to Sh2.2bn

NAIROBI, Kenya, Nov 5 – Diamond Trust Bank (DTB) has posted a 30 percent jump in net profit to Sh2.2 billion for the third quarter ended September 30, 2012, from Sh1.7 billion posted the previous period.

Earnings Per Share (EPS) for the bank were up 29 percent to Sh10.77 from Sh8.34 in the similar period in 2011.

Total interest income doubled, up 101 percent to Sh9.5 billion from Sh4.7 billion in the same period last year.

Total operating income climbed 39.9 percent to Sh6.3 billion, while total interest expense surged 213 percent to Sh4.6 billion.

Overall, the group saw net profit after non-controlling interest rise 32.7 percent to Sh2.6 billion, interest income grow 84.9 percent to Sh12.4 billion, and interest expenses shoot up by 185.7 percent to Sh5.8 billion.

Interest income was mainly boosted by a larger loan book, with net loans and advances to customers increasing to Sh85.52 billion from Sh74.65 billion in 2011.

The group’s EPS in the third quarter stood at Sh12.69 from Sh9.65 in 2011.

DTB concluded a Sh1.8 billion rights issue in September, the third cash call made by the bank in six years.

The past two issues were to raise additional capital to increase holding in Ugandan and Tanzanian banking associates, eventually converting them into subsidiaries.

However, the proceeds from the current offer will be applied generally to support DTB’s branch expansion and strengthen regional operations.

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Major shareholders include the Aga Khan Fund for Economic Development with 17.32 percent and the International Finance Corporation with 9.85 percent.

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