Diamond Trust Bank (DTB) has posted a Sh6.8billion net profit for the year ended 31 December 2022, a 54 per cent jump from the Sh4.4billion posted in 2021.

The improved performance was on the back of enhanced interest income earnings and fee income growth during the year.

In the year, the Group’s asset base crossed the half-a-trillion mark to close at Sh527 billion, growing by 15 per cent from Sh457 billion in 2021.

Customer deposits closed the year at Sh388 billion up from Sh331billion.

Following the strong performance, the lender’s board proposed a dividend of Sh1.4 billion, or Sh5 per share, reflecting a 67 per cent growth in the dividends paid last year.

DTB Chairman Linus Gitahi said that the Board will continue to progressively increase the dividend pay outs, on the back of improving performance by the Group as well as ensuring that there is an equitable balance between rewarding shareholders and retaining capital to fund DTB’s ambitious growth aspirations.

“We continue to maintain our strategic focus of pivoting DTB as a socio-economically relevant corporate citizen of East Africa and this is characterised by the significant investments we have been making, particularly since last year, in expanding our geographic and digital footprint in the region,” said Gitahi.

DTB is implementing a rapid and aggressive branch expansion strategy. The Group has opened 10 new branches since July last year in Kenya alone and plans to open another 20 branches over the next nine months.

This will increase DTB’s footprint in East Africa to over 150 branches by the end of the year.

The lender has set aside over Sh3 billion to fund the investments it has initiated since last year to augment its branch footprint and implement its digital transformation agenda.

DTB’s Chief Executive Officer Nasim Devji said the Group is confident that the investments it is making in expanding its traditional branch footprint as well as in its digital transformation journey will deliver value to its customers as well as shareholders.

Sourced from Capital fm