Regional banking group Diamond Trust Bank (DTB) total assets crossed the Shs 400 billion threshold for the first time, rising by 10% to Shs 425 billion at the end of 2020, with customer deposits growing from Shs 280 billion to Shs 298 billion over the year. Commenting on the results, Nasim Devji, DTB’s Managing Director and Group Chief Executive Officer said: “The year 2020 will go down in history as one of the most difficult ones faced by businesses around the world. Thankfully, DTB’s underlying resilience, solid brand equity, established market presence in East Africa and loyal customer base built over the last 75 years, have enabled us to absorb the shocks brought about by the pandemic.” As a reflection of the Group’s inherent resilience, DTB maintained a healthy liquidity ratio of 56 percent at the end of 2020 and remains one of the most well-capitalised banks in Kenya, with its core capital sitting at Shs 48 billion. DTB invested more than Shs 100 million in several Covid-19 relief efforts region wide. This included a Shs 50 million donation to the Kenya Covid-19 Emergency Response Fund and initiatives to support more than 30,000 economically vulnerable households across East Africa. The Bank also granted repayment holidays to its borrowers, given the sudden and very drastic cash flow constraints many of them were faced with. In total, DTB group restructured repayment terms for existing loan facilities amounting to Shs 101 billion, representing over 45% of the group’s loan portfolio. In the face of a very difficult business environment, the Group redoubled its focus on containing operating costs growth during the year, anchoring its position as a Tier 1 bank with one of the lowest cost income ratios in the industry.
