Companies

DTB nine-month net profit hits Sh6 billion

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A customer at a Diamond Trust Bank (DTB) ATM machine at Garden City Mall in Nairobi. FILE PHOTO | NMG

Diamond Trust Bank (DTB) Kenya net profit for the first nine months of trading grew by 4.3 percent to Sh5.99 billion on the back of increased income.

DTB disclosures show that net earnings rose from Sh5.75 billion that had been posted in the preceding similar period to September 2022.

Net interest income rose by 19.6 percent to Sh20.1 billion on the back of increased lending while non-interest income was up 34 percent to Sh9.2 billion.

The increased interest and non-interest income saw the total operating income rise by 23.7 percent to Sh29.3 billion, supporting the growth in the bottom-line.

Operating costs rose by 40.5 percent to Sh20.67 billion from Sh14.7 billion, slowing the pace of growth in profits compared to a 19.1 percent growth that had been seen in a similar period last year.

This was on the back of the Nairobi Securities Exchange-listed bank spending more on paying staff and also setting aside more money for possible loan defaults.

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