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Financial Results

Diamond Trust Bank posts a 5.3pc y/y drop in EPS

BY Soko Directory Team · August 26, 2017 09:08 am

Diamond Trust Bank (DTB) recorded 3.41 billion shillings’ after-tax profit in the six months to June 2017 compared to 3.62 billion shillings posted in a similar period a year earlier in their half-year net earnings.

The bank’s half-year net earnings dropped 5.78 percent, weighed down by lower interest income due to the rate cap regime.

Net interest earnings dropped by 74.2 million shillings to 9.49 billion shillings — highlighting the impact of the rate controls, which were not in place in the first half of last year.

The lender’s loan book expanded by 12.9 billion shillings in the six-month period to close at 191.4 billion shillings compared to 178.5 billion shillings last June.

Non-interest income from fees and commissions grew by 1.18 percent to 2.5 billion shillings in the period under review.

Cash set aside to cover bad loans dropped 21.6 percent to 1.7 billion shillings’ n from 2.1 billion shillings in June last year, despite a 24.6 percent rise in non-performing loans.

The bank’s gross volume of toxic loans was recorded at 9.2 billion shillings in June 2017 compared to 7.4 billion shillings last year, a growth of 24.6 percent.

Customer deposits grew by 18.61 percent to 256.3 billion shillings in the period.

The bank’s investment in government securities rose to 83.7 billion shillings from 63 billion shillings in June 2016, as it chased higher returns from Treasury bonds.

The Nairobi bourse listed bank had a market share of 6.1 percent while its newly acquired lender Habib’s was 0.34 percent as at December 2016, according to CBK data.

In a statement, the bank’s chief executive Nasim Devji said that the bank continues to grow and expand its footprint in Kenya and is expected to open a few more branches and state-of- the-art digital lobbies within this year.

Rebranding and integrating Habib into DTB’s systems are expected to be complete in September.

Soko Directory is a Financial and Markets digital portal that tracks brands, listed firms on the NSE, SMEs and trend setters in the markets eco-system. Find us on Facebook: facebook.com/SokoDirectory and on Twitter: twitter.com/SokoDirectory

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