DTB profit rises to Sh6.7b

Diamond Trust Bank CEO Nasim Devji. [Photo: Courtesy]

Diamond Trust Bank Limited (DTB) has announced a 3.6 per cent growth in profits after tax for the period ending December, 31 2018 from Sh6.4 billion recorded in 2017 to Sh6.7 billion.

DTB total interest income grew by 1.84 percent from Sh34.6 billion in 2017 to 35.2 billion in 2018.

Income from government securities appreciated by 11.1 per cent from 11.7 billion to Sh13 billion while interest from loan and advances dropped by three per cent from Sh22.6 billion in 2017 to Sh21.95 billion.

Non-interest income grew from Sh5.2 billion to Sh5.4 billion supported mainly by growth in income from fees and commissions which improved from Sh1.99 billion to Sh2.15 billion.

Operating expenses reduced from Sh14.8 billion to Sh14.4 billion. Its gross non-performing loans dropped by 8 percent from Sh14.8 billion recorded in 2017 to Sh13.6 billion in 2018.

The banks loans and advances to customers decreased to Sh193 billion from Sh196 billion. Non-Performing Loans (NPLs) equally reduced to Ksh12.1 billion from Ksh13.1 billion.

DTB’s directors recommend a Sh2.60 dividends per share for the year 2018 subject to investors’ approval.

The bank’s performance reflects that of Nairobi Securities Exchange-listed lenders that have reported increases in profits for the year 2018.

Co-operative Bank announced on Thursday an 11 per cent growth in after-tax profit.

Earlier KCB Group announced 22 per cent jump in full-year profit after tax to Sh24 billion from Sh19.7 billion while Stanbic Holdings posted Sh6.3 billion profit from the previous year Sh4.3 billion.

Barclays Bank posted Sh7.4 profit in 2018 from Sh6.926 billion in 2017.