Diamond Trust Bank Tanzania 2015 Profits After Tax Increase by 44.6%

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Tanzania’s Diamond Trust Bank (DTBT, NSE:DTK) recently published its audited annual report for FY 2015, showing a profit after tax of TZS 19.7 bln versus 13.6 bln in FY 2014, with a year-on-year increase of 44.6%.

Profit before tax grew by 36% from TZS 20 bln to TZS 27.3 bln during the same period, while total customers deposits grew by 27.1% from TZS 577 bln to TZS 734 bln, making DTB the 6th largest bank in Tanzania.

DTBT’s Chief Executive Officer, Mr Viju Cherian, explained that “These results put our growth rates far better than the industry and peer bank. We have steadily grown over the past eight years despite the volatile exchange rates and the dominant market positions of large banks”.

In the las five years, DTBT has experienced a quick growth at an average rate of 29.0% per annum, doubling the number of branches to 24.

Diamond Trust Bank (DTB) is a leading regional bank, listed on the Nairobi Stock Exchange and headquartered in Nairobi Kenya.

DTB currently has over 100 branches spread across Kenya, Tanzania, Uganda, and Burundi, with a focus on the SME sector.