DTB resumes dividend payout as profit hits Sh4 billion

 DTB resumes dividend payout as profit hits Sh4 billion

Diamond Trust Bank (DTB) Group CEO and Managing Director, Nasim Devji (centre) in the company of DTB Board Chairman Linus Gitahi (Left) and DTB Finance Director Alkarim Jiwa during the release of the bank’s 2021 financial year result at Serena Hotel, Nairobi.

Diamond Trust Bank (DTB) has resumed dividend payout after posting 21.9 percent growth in full-year net profit to Kes3.9 billion up from Kes.3.2 billion on rising income.

The lender’s total operating income has grown by 8.8 percent to Kes26.3 billion from Kes24.2 billion with net interest income rising by 10.5 percent to Kes20 billion.

DTB Chairman Linus Gitahi said the board continues to strike a balance between rewarding shareholders, and conserving capital to finance the bank’s investment and expansion plans.

“We anticipate that the dividend pay-outs will progressively increase in the years ahead as we continue to realize our aspirations to pivot DTB as a customer-centric, top-tier digitally-driven Bank in East Africa,” said Mr Gitahi.

The lender has recommended the payout of Kes3 per share translating to a combined payout of Kes838.8 million.

DTB’s Chief Executive Officer Nasim Devji said “We believe that the resilience, strong foundation, existing capabilities, and new competencies that we acquire will position DTB in a sweet take-off spot to become a top-tier digitally driven bank in East Africa and anchor itself as truly customer-centric.”

Read also: Low bad loans provisions lift NCBA profit to Sh10 billion

DTB’s non-interest funded income has meanwhile grown by 3.3 percent to Kes.6.3 billion from Kes.6.1 billion

The bank’s overall costs have nevertheless grown by a marginal one percent to Kes.19.9 billion as loan-loss provisions cost go up by 4.1 percent to Kes.7.6 billion from Kes.7.3 billion.

The bank projects to invest $30 million over the next two years in building a digitally literate talent pool, as well as acquiring agile digital platforms, cyber security assets, data analytics, and artificial intelligence capabilities.

DTB will also be growing its footprint in Kenya by 20 branches this year, and plans to open another 20 by 2024. This will expand the bank’s network size in Kenya to over 100 branches and in East Africa to nearly 200 over the next two years.



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