Diamond Trust Bank (DTB) Uganda recorded a net profit of Shs18.4bn in 2018, up from Shs15bn registered in 2017. This represents an increase of 22.7%.
The bank’s financial statements for the year ended 31st December 2018 released yesterday indicate that the increase in profit was due to the reduction in Non-Performing Loans (NPLs) from Shs40bn in 2017 to Shs27bn in 2018. This means NPLs reduced by Shs13bn.
Headed by Varghese Thambi as Chief Executive Officer, DTB also saw bad loans written off reduce to Shs26.27bn, down from Shs35.7bn recorded in 2017. The bank’s total expenditure also reduced to Shs145.14bn down from Shs157bn.
However, DTB’s total income reduced to Shs163.59bn in 2018, down from Shs172.2bn recorded a year earlier.
The results also show that the bank was cautious with its lending; loans advanced to customers reduced to Shs534.18bn, down from Shs623bn in 2017.
Customer deposits also slightly reduced to Shs1.14 trillion down from Shs1.16 trillion recorded a year earlier.
The bank’s total assets increased to Shs1.6 trillion up from Shs1.54 trillion in 2017.
Original Report by Business focus