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Diamond Trust Bank's (DTB’s) total assets under management crossed the shillings 3 trillion mark, representing a 24% increase from shillings 2.4 trillion in 2022.

The bank’s audited financial statement for the period ending December 2023 shows that profits surged 13.6%, with profit after tax growing 14.4% to shillings 41.3 billion from shillings 35 billion.

Total income for the year rose to shillings 308 billion, a 37.5% increase from shillings 224.3 billion in 2022, driven by growth in net interest income, fee and commission income, and operating income.

“At the heart of our strategy is the bank’s continued focus on placing our customers at the front and center of all our efforts and initiatives, and ensuring that the needs of our customers, both existing and potential, are satisfied and their expectations are met,” Godfrey Sebaana, the new managing director at DTB said.

Customer deposits experienced growth, rising to shillings 2.2 trillion, up from shillings 1.9 trillion, representing a 15.8% increase during the period. Net interest income grew by 13% to Shillings 138 billion, while fee and commission income increased by 12% to shillings 27 billion, and operating income rose by 14% to shillings 179 billion.

The bank’s core capital grew to about shillings 280.8 billion from about shillings 255.8 billion. The bank’s loan book expanded by 10.7%, climbing from shillings 791 billion to shillings 876 billion.

The bank invested in cutting-edge technologies aimed at improving product offerings, strengthening partnerships with fintechs, and expanding client relationships.

“A strong foundation has been laid by my predecessor. I will build on this and ensure that the bank remains an important contributor to the financial well-being of our customers,” Sebaana said.

In March, DTB appointed Sebaana, as the new chief executive officer and managing director replacing Varghese Thambi.