This archive report was first published on 22 May 2020.
On May 22, 2020, Diamond Trust Bank (DTB) released its financial results for the first quarter of 2020, showing a 4% increase in net profit to KSh1.91 billion compared to KSh1.83 billion in the first quarter of 2019.
DTB's operating income grew to KSh6.26 billion from KSh6.08 billion recorded in the first quarter of 2019, while total interest income from January 1 to March 31, 2020, amounted to KSh7.95 billion.
Net interest income for the quarter hit KSh4.67 billion, with interest income from loans contributing KSh4.82 billion and interest income from government securities KSh3.11 billion.
Non-interest income for the quarter stood at KSh1.59 billion.
Operating expenses during the quarter increased to KSh3.32 billion, driven by staff costs, loan loss provision, and depreciation charge on property and equipment.
DTB's total assets grew to KSh384.98 billion from KSh370.09 billion as of March 2019, while customer deposits dropped to KSh272.8 billion from KSh275.33 billion in Q1 2019.
The bank's loans and advances to customers grew to KSh201.269 billion from KSh188.56 billion in Q1 2019, with total insider loans and advances amounting to KSh4.8 billion.
Gross non-performing loans and advances increased to KSh16.6 billion for the first quarter from KSh14.36 billion under a similar period in 2019.
DTB's total shareholders' equity grew to KSh61.02 billion at the end of March 2020 from KSh55.45 billion in March 2019.
As of mid-May 2020, DTB Kenya had restructured loans amounting to KSh40.7 billion to cushion borrowers whose businesses had been interrupted by the pandemic.
