Home » Led by Kenyan banker Nasim Devji, DTB posts impressive Q1 profits of over $17 million

Led by Kenyan banker Nasim Devji, DTB posts impressive Q1 profits of over $17 million

by Feyisayo Ajayi
Nasim Devji

Nairobi-based lender, Diamond Trust Bank Group (DTB), led by prominent Kenyan banker Nasim Devji, announced a resilient financial performance at the end of the first quarter of 2023, with a remarkable profit of more than $17 million.

This impressive performance showcases the effectiveness of DTB’s strategic shifts under Devji’s leadership.

According to the recently released financial report, the group witnessed a notable 10.9-percent increase in profit, rising from Ksh2.1 billion ($15.15 million) in Q1 2022 to Ksh2.4 billion ($17.32 million) in Q1 2023.

The surge in earnings can be primarily attributed to a remarkable 32-percent increase in interest income, amounting to Ksh12.1 billion ($87.3 million), driven by ordinary loans and investments in government debt securities.

DTB’s success in raising interest income can be attributed to its latest strategy, initiated under the guidance of Devji.

Recognizing the risks associated with fixed-income securities in a rising interest rate environment, the bank strategically reduced its investments in treasuries and increased lending to the private sector.

This strategic move led to a 20.2-percent expansion of DTB’s loan book, reaching Ksh270.3 billion ($1.95 billion), while government bond and T-bill holdings declined to Ksh131.6 billion ($950 million).

In addition to the surge in interest income, DTB experienced a remarkable 59-percent increase in non-interest income, reaching Ksh2.8 billion ($20.2 million).

Again, foreign exchange trading played a significant role, with revenue from forex transactions nearly doubling to Ksh1.4 billion ($10.1 million).

The growth in non-interest income showcases the bank’s diverse revenue streams and ability to capitalize on emerging market opportunities.

As a leading East African lender, DTB operates in Kenya, Burundi, Tanzania, and Uganda, offering comprehensive retail and commercial banking services to individuals and businesses.

Devji, a highly respected Kenyan banker and corporate executive, has been steering the group since 2001.

Her strategic leadership has transformed DTB into one of East Africa’s premier lenders, earning it a prestigious tier-1 bank rating alongside industry giants such as KCB, Equity, Co-operative Bank, Stanbic, Absa, and Standard Chartered Bank.

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