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DTB profit grows 19pc as lending income rises – Business Daily

A DTB branch in Nakuru. FILE PHOTO | NMG
DTB Group reported a 19 percent net profit rise in the nine months ended September on higher income from lending and transactions.
The bank’s net earnings stood at Sh5.7 billion in the review period, up from Sh4.8 billion a year earlier.
Total interest income increased 15.4 percent to Sh28.9 billion due to expansion of the loan book and investments in government debt securities.
Lending to customers increased by Sh38.1 billion to Sh243.6 billion while holdings of State bonds and T-bills rose by Sh20.5 billion to Sh135 billion.
Non-interest income rallied 43.4 percent to Sh6.8 billion driven by, among others, a major rise in income from foreign exchange trades.
Most of the big banks have reported big jumps in revenue from their forex trading amid increased volatility in global currencies following Russia’s invasion of Ukraine.
DTB’s operating expenses increased 21.4 percent to Sh14.7 billion, partly due to higher staff costs and loan loss provision.
The bank’s provision for bad debt rose by Sh936.1 million to Sh4 billion in response to gross defaults rising by Sh7.2 billion to Sh32.9 billion.
Most other lenders have cut their provisions by a large margin despite an increase in gross non-performing loans, taking a more optimistic outlook.
DTB grew deposits by Sh35.9 billion to Sh359.6 billion, contributing to its interest expenses increasing by Sh1.7 billion to Sh12.1 billion.
It intends to further grow its wholesale deposits.
DTB is offering an annualised interest rate of 10 percent for those willing to lock at least Sh50 million for a term of three months or longer.
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Joseph Muongi

Financial.co.ke was founded by Mr. Joseph Muongi Kamau. He holds a Master of Science in Finance, Bachelors of Science in Actuarial Science and a Certificate of proficiencty in insurance. He's also the lead financial consultant.