Bank opens new branch in heart of Dar

10Jun 2016
The Guardian Reporter
The Guardian
Bank opens new branch in heart of Dar

DIAMOND Trust Bank Tanzania Limited (DTB Tanzania) has opened a new branch in the Dar es Salaam central business district (CBD), bringing the number of branches in the city to 11 and 25 countrywide.

Diamond Trust Bank chief executive officer Nasim Devji (left) and chairman Abdul Samji

Officiating the event, Ilala District Commissioner, Raymond Mushi, congratulated the bank for consistently opening at least two branches every year since 2008.

The bank which just in 2007 had four branches in Dar, Mwanza and Arusha, launched 21 new branches in the last eight years, extending its footprint to a total of 13 cities in Tanzania.

DTB Tanzania Board Chairman, Abdul Samji, hailed the bank for its business performance growth in 2015 saying: “The bank’s customer deposit base grew by 26.8 percent from 581bn/- in 2014 to 737bn/- at the end of 2015.”

According to him, as per the industry results ending December 31, 2015 published by banks, DTB is ranked six in terms of customer deposits in the industry. And as per the published results in the quarter ending March 2016, DTB recorded the fourth highest profit amongst banks in the country.

DTB is widely rated as one of the fastest growing banks in Tanzania based on the consistent balance sheet growth and increasing branch network.

The bank achieved impressive business performances during the first quarter of 2016. The bank’s profit before tax crossed 8.3bn/-, a significant increase of 41 percent compared to 5bn/- achieved in March 2015.

The asset base went up by 2.3 percent to stand at 921bn/- compared to 900bn/- recorded in the previous quarter. Customer advances increased by 3.7 percent from 536bn/- in December 2015 to 556bn/- as at March this year.

The bank’s growth benefitted from an expanding customer base driven by superior product and services offering, a steady branch network expansion and commitment to exemplary customer service.

DTB is part of the Diamond Trust Bank Group, a pan-East African Bank with 121 branches across Tanzania, Kenya, Uganda and Burundi. The bank is also an affiliate of the Aga Khan Fund for Economic Development (AKFED), the economic development arm of the Aga Khan Development Network.