Diamond Trust Bank has reported a net profit of Ksh. 1.96 Billion for the first quarter ended March 2019. This is a 9.3 per cent growth from last years Q1 profit which stood at Ksh. 1.80 Billion.
This rise in profitability was on the back of higher loan income due to lending to the government. In the period, income from government securities rose by 2.45 per cent to Ksh. 3.1 Billion while income from T-Bills and Bonds rose to Ksh. 124 Billion as compared to Ksh. 118 Billion in the previous year. The banks non-interest income also rose to Ksh. 1.53 Billion as compared to Ksh. 1.33 Billion the previous year lifted by an increase in earning from fees and commissions.
Total operating expenses reduced by 9.67 per cent to Sh3.15 billion from Sh3.48 billion as the bank cut loan loss provisioning by 61.46 per cent to Sh268.4 million from Sh696.5 million a year earlier. The bank’s non-performing loans dropped to Sh12.25 billion, from Sh13.2 billion a year earlier.