14 August 2009

Rwanda: Kenya's Diamond Trust Bank to Extend to Country

Kigali — Kenya's Diamond Trust Bank (DTB) has announced interests in extending operation to Rwanda.

Ranked Kenya's seventh biggest bank by assets, the bank's Managing Director Nasim Devji said DTB would open operations in Kigali this year. Diamond Trust operates in Kenya, Uganda, Tanzania and Burundi and also plans to open another 25 branches in the region this year.

It is also hoping to break into Madagascar and Democratic Republic of Congo (DRC). DTB made 719 million in pretax profit in the same period last year. It received a $25 million loan from the World Bank's private sector lending arm last year to boost its lending and finance expansion plans.

The bank also posted a 20 percent increase in first half pretax profit to 859 million shillings ($11.23 million) following regional expansion, its MD said on Thursday.

Total operating income rose to 2.4 billion for the first six months while group assets grew by 56 percent to 64 billion shillings from 41 billion during the same period last year.

"The six months' results have benefited from the continuing growth of our customer base across the region with a marked increase in operating revenue, particularly from active money market operations," said Nasim Devji.

Copyright © 2009 The New Times. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 2,000 reports a day from more than 130 news organizations and over 200 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.