DTB quarterly profit flat at Ksh.1.9 billion

Diamond Trust Bank (DTB) has held up its quarterly earnings for the period ending in March at Ksh.1.9 billion.

The unchanged profitability in the quarter has been attributed to a rise in operating expenses which offset growth in the lender’s operating income.

DTB’s total operating expenses for instance surged forward by six per cent to Ksh.3.5 billion with the bank raising its loan loss provisions to Ksh.648.3 million from Ksh.408.1 million last year.

The raised provisions came as DTB’s stock of gross non-performing loans soared by 38 per cent to Ksh.22.9 billion.

Meanwhile, the bank’s total operating income improved by 3.2 per cent to Ksh.6.5 billion on the back of a 3.8 per cent raise to total interest income which stood at Ksh.8.3 billion.

On the flip-side, non-interest funded income, like profitability, was flat at Ksh.1.6 billion.

During the period, DTB assets grew to Ksh.417.3 billion to include Ksh.205.8 billion in net loans and advances to customers.