DTB’s profit grows 42%, resumes dividend pay outs, plans to open 20 branches in 2022
Nairobi, March 28, 2022:Diamond Trust Bank (DTB) has announced a pre-tax profit of Kshs 6.6 billion for the year ended 31 December 2021, a 42% rise from the previous year. This was on the back of enhanced interest income earnings and a continued focus on cost management during the year.
The Group’s asset base stood at Kshs 457 billion, growing by 7% in 2021. Customer deposits closed at a record Kshs 331 billion, which was 11% above the previous year. The contribution of DTB’s subsidiaries to the overall results of the Group continues to grow, with the banking subsidiaries in Tanzania, Uganda and Burundi making up 30% of the group’s assets and profitability.
Following this improved performance, DTB has announced a resumption in dividend payments. For the financial year 2021, the Board has proposed a dividend of Kshs 839 million or KShs 3.00 per share, reflecting a pay-out ratio of 22%, the highest in over 10 years.
DTB Chairman Linus Gitahi said the Board continues to strike an equitable balance between rewarding shareholders and conserving capital to fund 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 realise our aspirations to pivot DTB as a customer- centric, top-tier digitallydriven Bank in East Africa,” said Mr Gitahi.
Nasim Devji, DTB’s Chief Executive Officer, said the results were a testimony of the strong foundation and resilience that the Group
“We believe that the resilience, strong foundation, existing capabilities and new competences that we acquire will position DTB in sweet take off spot to become a top- tier digitally driven bank in East Africa and anchor itself as truly customer-centric.” said Ms Devji.
DTB has embarked on an aggressive growth strategy with plans to grow its footprint in Kenya by 20 branches this year, and 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.
In positioning DTB as a customer- centric, top- tier digital bank in East Africa, the Group is also implementing an ambitious digital transformation program which aims at pivoting the bank to be digital to the core. This will involve an investment in excess of $30 million over the next two years in building a digitally literate talent pool, as well as acquiring agile digital platforms, cyber security assets and data analytics and artificial intelligence capabilities.