Wednesday, November 8, 2017

Number of DTB Tanzania branches increases to 28

The chief executive officer of Diamond Trust

The chief executive officer of Diamond Trust Bank Group, Ms Nasim Devji; the deputy permanent secretary in the Ministry of Industry, Trade and Investment, Prof Joseph Buchweishaija (middle); and the Diamond Trust Bank Tanzania board chairman, Mr Abdul Samji; cut the ribbon to launch the bank’s Mlimani City branch in Dar es Salaam on Monday. With them are Aga Khan Development Network resident representative Amin Kurji (right) and other dignitaries. PHOTO|ERICKY BONIPHACE 

By Bakari Kiango @TheCitizenTz news@tz.nationmedia.com

Dar es Salaam. Diamond Trust Bank Tanzania (DTB Tanzania) officially opened its Mlimani City branch on Monday, bringing to 28 the total number of the bank’s outlets across the country.

The branch, located at the new wing of the Mlimani City Shopping Complex, will offer banking services for seven days in a week.

The deputy permanent secretary in the Ministry of Industry, Trade and investment, Prof Rwegasira Buchweishaija, commended DTB Tanzania for its role in extending financial services across the country.

“We do recognise the role and contribution of DTB Tanzania in the economic growth of this country.”

DTB Tanzania has an asset size of over Sh1 trillion. It employs over 500 Tanzanians. DTB Tanzania is major a player in the small and medium-size enterprises (SMEs) segment of the economy.

The bank has issued loans of more than Sh284 billion to SMEs in sectors of trading, manufacturing, transport, hospitality and construction, according to data produced by the bank’s board chairman, Mr Abdul Samji.

The SME loans represent 44 per cent of the bank’s total loan portfolio.

In 2007, he said, had only four branches in 2007, located in Dar es Salaam, Mwanza and Arusha.

“However, it currently has a total of 28 branches across major urban centres in the country. The bank has also significantly improved its product offering through innovative savings products covering all demographics – children, youth, women and the elderly. We have products for not-for-profits organizations, business entities and sole proprietorships,” he said.

During the third quarter of the current calendar year, DTB Tanzania registered a 12 percent growth in customer deposits which rose from Sh787 billion during the end of September 2016 to Sh881 billion during a similar period in 2017.

The profit-before-tax rose from Sh24.2 billion in September 2016 to Sh29.2 billion as at end September 2017. DTB Tanzania has 3.4 per cent of nonperforming loans as a percentage of total gross loans. This is the lowest in the market, thanks to strong credit supervision.

“This is despite the fact that the loan book has grown from Sh62 billion in 2007 to Sh635 billion as of September 2017.

DTB Tanzania is part of the Diamond Trust Bank Group, a pan-East African bank with over 130 branches across Tanzania, Kenya, Uganda and Burundi. The bank is an affiliate of the Aga Khan Fund for Economic Development — the economic development arm of the Aga Khan Development Network.

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