DTB Group released its first-quarter earnings report for 2023 recording a remarkable 10.8% year-on-year growth in after-tax profits, reaching KES 2.6 billion. This growth was primarily driven by a substantial 59.1% increase in non-funded income, totaling KES 2.8 billion, and a 21% growth in net interest income, amounting to KES 6.7 billion.
DTB Group‘s net interest income rose by 21% to KES 6.7 billion primarily driven by a 32% in total interest income of KES 12.2 billion. The group’s non-funded income saw a significant of 59% to KES 2.8 billion and was primarily driven by a significant 90% surge in foreign exchange trading income, amounting to KES 1.5 billion. Additionally, fees and commissions on loans and advances increased by 26.6% to KES 398.3 million, while other income jumped by 94.3% to KES 241.5 million.
Despite robust revenue growth, DTB Group saw a 35.6% rise in operating expenses (excluding provisions), totaling KES 4.5 billion. This increase was driven by a 32.0% rise in other expenses, reaching KES 1.8 billion, and a 40% advancement in staff costs of KES 2.0 billion.
Loan loss provision expenses rose significantly by 135% to KES 1.4 billion as gross non-performing loans increased by 17% to KES 35.1 billion.
DTB Group’s net loans and advances increased by 20% to KES 270.4 billion, while government and investment securities rose by 16.7% to KES 197.3 billion. Customer deposits saw a substantial increase of 18% to hit KES 404.6 billion, while borrowed funds surged by 60% to KES 25.7 billion.
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