The Uganda unit saw its gross profit rise by more than double to Sh1.01 billion in the 12 months to December 2021, from Sh437 million in 2020.
The Kenyan arm continued to provide the bulk of the lender’s earnings, reporting a gross profit of Sh4.39 billion, which represented 66.3 percent of the group’s total.
DTB Uganda led the group in relative growth in almost all categories in the balance sheet, hence its faster growth in earnings compared to the other units.
Diamond Trust Bank’s (DTB) Uganda subsidiary overtook Tanzania as its most profitable regional unit in 2021, on the back of improved earnings and stabilisation of non-performing loans in the unit.
The Uganda unit saw its gross profit rise by more than double to Sh1.01 billion in the 12 months to December 2021, from Sh437 million in 2020.
This took it ahead of DTB Tanzania in terms of contribution to the group’s earnings, with the Tanzania unit’s gross profit rising by a quarter to Sh834 million, from Sh664 million in 2020.
The Kenyan arm continued to provide the bulk of the lender’s earnings, reporting a gross profit of Sh4.39 billion, which represented 66.3 percent of the group’s total.
“We saw significant improvement in Uganda from where 15 percent of the group’s profitability has come from. This is on the back of significantly improved earnings, and we also saw non-performing loans stabilise,” said DTB finance director Alkarim Jiwa in a briefing last week.
DTB Uganda led the group in relative growth in almost all categories in the balance sheet, hence its faster growth in earnings compared to the other units.
The Uganda unit raised its customer deposits by 26.3 percent to Sh48 billion, while DTB Tanzania’s was up by 12 percent to Sh56 billion and DTB Kenya by 8.7 percent to Sh226 billion. DTB’s Burundi subsidiary was flat at Sh2 billion.
On the loan book, Burundi recorded the biggest percentage jump at 33 percent, albeit on a low base of Sh1.5 billion to Sh2 billion, while DTB Uganda’s loans rose by 28 percent to Sh23 billion.
Kenya and Tanzania’s loan books were up three percent and 8.3 percent to Sh171 billion and Sh39 billion respectively.
The tier one ender said it is hopeful of improved contribution from the subsidiaries going forward and has also outlined a plan to increase its market reach in the respective markets.
It is set to deploy Sh3.5 billion in its digital platforms by the end of next year as part of the plan to enhance its market share, and will also be setting up an additional 40 branches by 2024 to bring its total in the region to about 200.
