Diamond Trust Bank has reported a 28% y.o.y drop in net profit in the nine months that ended on 30th September to KSh 4.3 billion. The drop was largely driven by a 232% increase in loan loss provisions which moved to KSh2.9 billion from KSh870 million in the third quarter of 2019.
The tier-one lender posted a 3.4% decline in interest income to KSh23.7 billion while non-interest income rose by 15% to KSh5.0 billion from KSh4.4 billion in September 2019.
DTB’s loan book expanded to KSh205.6 billion, a 7% increase from KSh192 billion in the same period in 2019. Customer deposits grew by 1.8% to KSh288 billion.
Total assets increased by 3% to KSh394.0 billion from KSh382.5 billion in September 2019 while total liabilities grew by 2% to KSh324.9 billion from KSh317.8 billion.
In August this year, Diamond Trust Bank received a KSh5.4 billion loan from the International Finance Corporation to fund SMEs in Kenya.
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