DTB branch (PHOTO: Courtesy)Diamond Trust Bank (DTB) has joined the growing list of lenders that have issued a profit warning for the 2020 financial year. The lender joins Absa and Standard Chartered banks that have issued profit warnings for the year in the wake of growing bad debts and rescheduled loans arising from the effects of the Covid-19 pandemic. Last month, KCB also announced a 43 per cent drop in profit after tax in the nine months ended September due to increased provisions on bad loans. In a statement on Wednesday, DTB said the drop in earnings reported this year would be significant compared to last year’s Sh6.7 billion net profit. Absa made a net profit of Sh1.9 billion, which was a drop of 65 per cent compared to Sh5.5 billion that it made in the same period last year.

Source: Standard Digital December 31, 2020 06:22 UTC