Browsing: Diamond Trust Bank (DTB)

funding for growth

Kenyan startups tipped on driving transition to digital space

Tech & Business
  • Kenya’s tech industry regulator says Kenyan startups have the potential to drive up to 70 percent of Kenya’s digital transformation.
  • However, latest data shows about eight out of 10 Kenyan startups tend to close shop within the first three years of operation.
  • Communications Authority CEO Ezra Chiloba says by forming strategic partnerships, startups can receive valuable insights and support for growth.

Despite a majority of Kenyan startups failing to reach three years into operation since launch, stakeholders in the sector maintain that they are key to the country’s digital transition.

According to Ezra Chiloba, the CEO of industry regulator the Communications Authority, startups have the potential to drive up to 70 percent of Kenya’s digital transformation. However, many of them face significant obstacles such as funding and compliance constraints, leading to a high rate of closure within the first year.

Chiloba highlighted that around 80 percent of startups tend …

Diamond Trust Bank (DTB) has posted a 9.4 per cent growth in net profit for the first quarter ended March, buoyed by returns from investment in government securities and non-funded revenue. The Nairobi Securities Exchange (NSE) listed lender closed the period with a Ksh1.97 billion net profit compared to Ksh1.80 billion posted last year. The Group defied a tough operating environment to build customer deposits to Ksh275 billion, while the asset base grew to Ksh370 billion, entrenching the DTB’s position as a leading tier one bank in Kenya and the wider East African region.

DTB’s Q1 profit grows to Ksh1.97 billion as new chairman takes charge

Banking

Diamond Trust Bank (DTB) has posted a 9.4 per cent growth in net profit for the first quarter ended March, buoyed by returns from investment in government securities and non-funded revenue.

The Nairobi Securities Exchange (NSE) listed lender closed the period with a Ksh1.97 billion profit after tax compared to Ksh1.80 billion posted last year.

The Group defied a tough operating environment to build customer deposits to Ksh275 billion, while the asset base grew to Ksh370 billion, entrenching the DTB’s position as a leading tier one bank in Kenya and the wider East African region.

On the back of an industry-wide subdued growth in loans, the group’s investment in Treasury Bills and Treasury Bonds grew to Ksh124 billion at the end of March 2019, compared to Ksh118 billion at the same time last year.

DTB’s non- performing loan book declined marginally to Ksh12.4 billion, from Ksh13.2 billion a year earlier, …