Diamond Trust Bank (DTB) has posted a 24 per cent rise in net profit through six months to Ksh.3.6 billion in June 2022 from Ksh.2.9 billion last year.

The growth in profitability for the bank is anchored on higher income with the Group’s total operating income rising to Ksh.15 billion from Ksh.13.1 billion.

Non-interest funded income (NFI) has risen the fastest at 18.2 per cent to Ksh.3.9 billion from a lift off in foreign exchange trading income.

Meanwhile, DTB’s net interest income has grown by 13.3 per cent to reach Ksh.11.1 billion from Ksh.9.8 billion from a 14.3 per cent in the lender’s loan book to Ksh.233.6 billion.

Nevertheless, the bank has seen its total operating expenses soar by 13.3 per cent to Ksh.9.4 billion as loan-loss provision costs remain elevated at Ksh.2.4 billion from Ksh.2.3 billion last year.

The marginal rise in the loan-defaults cover has comes as DTB sees its gross non-performing loans surge by 43.2 per cent to Ksh.31.8 billion.

The board of DTB has not recommended the payment of an interim dividend for the period as the bank joins the queue of lenders freezing the payment, largely from a capital preservation standpoint.

DTB’s earnings per share have improved to Ksh.12.82 from Ksh.10.48.

Courtesy: Citizen Digital