Diamond Trust Bank’s net profit in the first quarter of 2020 increased by 4% to KSh1.91 billion from KSh1.83 billion in the first quarter of 2019. The bank’s operating income grew to KSh6.26 billion from KSh6.08 billion recorded in the first quarter of 2019.
Total interest income from 1st January to 31st March 2020 amounted to KSh7.95 billion largely driven by interest income from loans KSh4.82 billion and interest income from government securities KSh3.11 billion. Net interest incomes for the quarter hit KSh4.67 billion.
In the quarter, total non-interest income amounted to KSh1.59 billion.
Operating expenses during the quarter to March increased to KSh3.32 billion driven by staff costs KSh1.2 billion, loan loss provision KSh408.1 million, and depreciation charge on property and equipment KSh361.12 million.
DTB group total assets grew to KSh384.98 billion from KSh370.09 billion as of March 2019. DTB recorded a drop in customer deposits from KSh275.33 billion in Q1 2019 to KSh272.8 billion at the end of March this year.
The amount of loans and advances to customers grew to KSh201.269 billion from Ksh188.56 billion in Q1 2019. Total insider loans and advances amounted to KSh4.8 billion in the period under review.
Gross non-performing loans and advances grew to KSh16.6 billion for the first quarter from KSh14.36 billion under a similar period in 2019.
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 has restructured loans amounting to KSh40.7 billion to cushion borrowers whose businesses have been interrupted by the pandemic.