Diamond Trust Bank Tanzania Announces Outstanding Q1 2013 Results

Diamond Trust Bank Tanzania Limited (DTBT) announced outstanding working results for the first quarter of 2013 with net operating income (profit before tax) rising sharply by 89% to TZS 4.403 billion from TZS 2.322 billion reported in the first quarter of 2012.

The Total Assets of the Bank went up by 40% to TZS 428 billion compared to TZS 306 billion in March 2012.

Total Advances to customers also increased 30% during the last 12 months, touching a level of TZS 267 billion by end March, 2013.

The Banks customer deposit base increased by 32% closing at TZS 340 billion compared to TZS 258 Billion in March 2012.

Diamond Trust Bank Tanzania opened 2 branches in 2012 and plans to continue expanding the network of branches in Tanzania.

Two branches in Iringa and Morogoro will open for business in June and July 2013 respectively.

The Bank is planning to open two more branches in the latter half of the year.

Commenting on the working results, Mr. Abdul Samji, Chairman of DTBT stated “The overall performance of the Bank has consistently surpassed the industry growth levels and is a reflection of the increasing market recognition of DTB in Tanzania. The core emphasis on Small and Medium Enterprises (SMEs), while simultaneously increasing the geographical reach has contributed in building a strong balance sheet. The opening of branches in Iringa and Morogoro are important steps towards establishing a network covering all important centres in Tanzania.”

DTB Kenya has a majority shareholding in Diamond Trust Bank Tanzania Limited (DTBT).

DTB Kenya is an affiliate of the Aga Khan Fund for Economic Development (AKFED), the economic development arm of the Aga Khan Development Network. Amongst the Bank’s key shareholders are Habib Bank Limited (HBL), an AKFED subsidiary, and the International Finance Corporation, the private sector lending arm of the World Bank.

DTBT has been functioning in Tanzania for the past 67 years, starting in 1946 as Diamond Jubilee Trust at Dar es Salaam and from 1997 as a full fledged commercial bank.

DTBT has a total network of 16 branches with 8 branches at Dar es Salaam, 2 at Arusha and 1each at Mwanza, Zanzibar, Dodoma, Tanga, Mbeya and Moshi.