DTB half year profit hits Ksh.2.9 billion

Diamond Trust Bank (DTB) has posted a 20.8 per cent growth in half year earnings with profit at Ksh.2.9 billion from Ksh.2.4 billion last year.

The notable growth in profitability by the bank is tied to improving operating margins with its total operating income rising by 5.6 per cent to top Ksh.13.1 billion.

The improved operating margins are on an account of a 5.4 per cent increase in net interest income to Ksh.9.8 billion while non-interest funded income (NFI) was up 3.1 per cent at Ksh.3.3 billion.

DTB’s total operating expenses in the period increased by 3.8 per cent to Ksh.8.3 billion as the bank raised its loan-loss provisions costs by 17.4 per cent to Ksh.2.3 billion.

The higher provisioning levels come as the bank’s gross non-performing loans hit Ksh.22.2 billion from a lower Ksh.17.5 billion in June 2020.

DTB now has assets totaling to Ksh.429.6 billion with customer loans at Ksh.204.3 billion. Deposits by customers meanwhile sit at Ksh.313.8 billion.

Subsequent to the profit rise, DTB’s earnings per share (EPS) have improved to Ksh.10.48 from Ksh.8.59.

DTB board of directors have not declared an interim dividend for the period.