Diamond Trust Bank Profit Drops By 39%

Kevin Namunwa | Aug 27, 2020

Diamond Trust Bank Kenya (DTB) has posted a 36.5% drop in profit in its half-year results. DTB reported Ksh 2.6 billion which is a drop compared to last year’s Ksh 3.9 billion.

This is even as loan provisions surged 249.2% year on year to Ksh 1.9 billion. The bank’s Top-line performance was supported by Non-Interest Revenue which grew 5.9% while its Net Interest Income grew by 1.2%.

The lender’s operating income also grew by 2.3% to Ksh 12.4 billion.

Total operating expenses, on the other hand, rose by 7.3% to Ksh 6.1 billion.

Reversing the trend of losing deposits in the prior 2 quarters, the bank grew deposits during the quarter to settle at Sh280.4 billion.

The lender's loan book also grew 5.6% to Ksh 201.5 billion while investment in government securities increased by 9.7% to Ksh 132.5 billion.

The bank did not declare an interim dividend for the half-year period as its earnings per share (EPS) plummeted to Ksh.8.59 from Ksh.13.89 last year.

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