Diamond Trust Bank (DTB) has announced a net profit of Sh4.4billion for the year ended 31 December 2021, a 25 per cent rise from Sh3.5billion in the previous year.
The improved performance was on the back of enhanced interest income earnings and a continued focus on cost management during the year.The Group’s asset base stood at Sh457 billion, growing by 7 per cent in 2021.
Customer deposits closed at a record Sh331 billion, which was 11 per cent above the previous year.
Nasim Devji, DTB’s Chief Executive Officer, said the results were a testimony of the strong foundation and resilience that the Group has been building over the years, underpinned by the trust and confidence reposed by DTB’s customers.
“We believe that the resilience, strong foundation, existing capabilities and new competencies that we acquire will position DTB in a take off spot to become a top-tier digitally driven bank in East Africa and anchor itself as truly customer-centric,” said Devji.
Following this improved performance, DTB announced a resumption in dividend payments, the Board proposed a dividend of Sh839 million or Sh3.00 per share.
DTB Chairman Linus Gitahi said the Board continues to strike an equitable balance between rewarding shareholders and conserving capital to fund the Bank’s investment and expansion plans.
”We anticipate that the dividend pay-outs will progressively increase in the years ahead as we continue to realise our aspirations to pivot DTB as a customer-centric, top-tier digitally-driven Bank in East Africa,” said Gitahi.
The contribution of DTB’s subsidiaries to the overall results of the Group continues to grow, with the banking subsidiaries in Tanzania, Uganda, and Burundi making up 30 per cent of the group’s assets and profitability.
DTB has embarked on an aggressive growth strategy with plans to grow its footprint in Kenya by 20 branches this year, and another 20 by 2024.
This will expand the bank’s network size in Kenya to over 100 branches – and in East Africa to nearly 200- over the next two years.