DIB Bank Kenya recorded its first gross profit since launching operations in Kenya in 2017 in the three months ended March 31, 2024.

 DIB Bank’s profit before tax improved to Kes 6.3 million, representing a 105 percent jump from a similar period in 2023.

The lender attributed the growth to rising core revenues, non-funded income, and lower impairment charges.

It also posted a loss of Sh125 million during a comparable period last year.

Likewise, the balance sheet expanded by 49 percent year-on-year (YoY) to Kes 28.2 billion compared to Kes 18.8 billion, supported by growth in customer deposits.

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For instance, customer deposits across all segments expanded by 49 percent to hit Kes 21.6 billion.

“Despite a challenging economic environment, DIB Kenya has demonstrated resilience and achieved growth across all the key parameters. This strong performance is a testament to DIB UAE’s long-term commitment to the Kenyan market and the acceptance of its emerging position as an important banking player in Kenya,” DIB Bank Board Member Steve Mainda said.

“We have been investing steadily for long-term returns by focusing on our people, systems, and delivery channels and will continue to do so as required by our long-term objectives in Kenya.”

DIB Bank’s liquidity remained healthy at 36 percent, compared to the statutory requirement of 20 percent.