Diamond Trust Bank (DTB) has recorded a Kes6.8 billion net profit for the year ended 31 December 2022, a 54 per cent increase from the Kes4.4 billion posted in 2021.

The better results were the result of increased interest income earnings and fee income growth during the course of the year.

The Group's asset base reached Kes527 billion in the year, up 15% from Kes457 billion in 2021, crossing the half-trillion-dollar threshold.

Client deposits increased from Kes331 billion to Kes388 billion at the end of the year.

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The lender's board suggested a payout of Kes1.4 billion, or Kes5 per share, indicating a 67% jump in the dividends paid last year in response to the good performance.

DTB Chairman Linus Gitahi stated that the Board will keep gradually raising dividend payouts as a result of the Group's improved performance and to strike a fair balance between rewarding shareholders and holding back money to support DTB's ambitious expansion plans.

“We continue to maintain our strategic focus of pivoting DTB as a socio-economically relevant corporate citizen of East Africa and this is characterised by the significant investments we have been making, particularly since last year, in expanding our geographic and digital footprint in the region,” said Gitahi.

DTB is putting into action a quick and aggressive branch growth plan. Since July of last year, the Group has launched 10 new branches in Kenya alone, and it has plans to open an additional 20 branches over the following nine months.

By the end of the year, this will boost DTB's presence in East Africa to over 150 branches.

In order to finance the expenditures it has started since last year to expand its branch base and carry out its digital transformation programme, the lender has set aside almost Kes3 billion.

The Company is optimistic that the efforts it is making in growing its traditional branch base as well as in its journey towards digital transformation will provide value to both its clients and shareholders, according to DTB's Chief Executive Officer Nasim Devji.