Diamond Trust Bank (DTB), a key player in Kenya’s financial sector and listed on the Nairobi Securities Exchange (NSE: DTK), has posted a Ksh 4.9 billion net profit for the first half of the year, marking a 12% growth compared to the same period last year.
DTB Group CEO and Managing Director, Mrs. Nasim Devji, credited the strong performance to the bank’s ongoing implementation of its comprehensive business growth strategy. This strategy focuses on expanding customer reach, embracing digital transformation, and committing to sustainability, all aimed at enhancing customer value.
“At DTB, we are committed to executing our business growth strategy, which is designed to increase our socio-economic relevance and position DTB as a top-tier, customer-centric, and digitally-driven bank in East Africa,” said Mrs. Devji.
She further highlighted that the strategy is deeply rooted in sustainability, aligning with DTB’s core mission to improve the quality of life for all stakeholders. “Our growth strategy enables us to create meaningful value for our customers and stakeholders in a sustainable and impactful manner,” she added.
Traditionally strong in sectors like trade, manufacturing, real estate, and construction, DTB has recently diversified its focus to include emerging sectors such as agriculture, education, technology, and the public sector. This expansion has significantly boosted the bank’s customer base, which has grown by 75% over the past year to exceed 2 million customers across East Africa.
Mrs. Devji emphasized the importance of disciplined execution of the bank’s strategic plans, as reflected in the half-year results. “We’ve grown customer deposits to Ksh 432 billion, stabilized our non-performing loans portfolio, and accelerated efforts in customer acquisition, service excellence, sustainability, and digital transformation,” she noted.
DTB’s subsidiaries in Tanzania, Uganda, and Burundi also showed strong performance, contributing 35% to the group’s pretax profits, up from 23% in the same period last year. This improvement underscores the group’s resilience and the benefits of its expanding presence in markets outside Kenya, particularly in Tanzania, where performance has been notably strong.
DTB’s Finance & Strategy Director, Mr. Alkarim Jiwa, reported that the bank’s total assets grew to Ksh 585 billion during the half-year period, a slight increase from Ksh 579 billion in the previous year. Operating income rose by 10% to Ksh 20.6 billion, while pretax profits increased to Ksh 6.3 billion.
The bank also saw an improvement in its Current Account and Savings Account (CASA) deposits ratio, which grew to 54%, up from 49% in the same period last year, driven by growth across all customer segments.
“Net interest income improved to Ksh 14.2 billion, up from Ksh 13.1 billion in the first half of 2023, thanks to better interest margins and increased non-interest income. Operating expenses rose to Ksh 10.6 billion from Ksh 9.4 billion, reflecting significant investments in digital platforms, branch expansion, and talent acquisition to support our growth strategy,” said Mr. Jiwa.
Looking ahead, Mr. Jiwa confirmed that DTB’s regional growth will continue to leverage a dual approach—combining traditional brick-and-mortar branches with new-age digital technology—to deepen market penetration and enhance customer convenience across the region.
