DIB Bank Kenya recovers from red territory post Sh103.4 million profit before tax in FY24

DIB Bank Kenya recorded a full year profit before tax of Ksh 103.4 million for the period ending December 31 last year from a loss of Ksh 256 million in 2023.

This strong growth represented 140 per cent Year on Year growth mainly driven by non-funded income.

The lender attributes it to the growing customer confidence in Shariah-compliant banking and its offerings, which have contributed to a sustained balance sheet growth over time.

Moderate balance sheet expansion of 9 per cent to Ksh 28.8 billion from Ksh 26.5 billion in 2023 supported by growth in customer deposits across various segments was also a captured note.

Efficient deployment of funds saw net financing close at Ksh 17.8 billion, up 3 per cent Year on Year compared to Ksh 17.3 billion in 2023 with liquidity at 32%, well above the minimum statutory of 20 per cent. There was also strong capitalisation with CAR (Capital Adequacy Ratio) standing at 17.9 per cent.

“Our commitment to providing standard value via our financial services continues to support the growth of our customers’ businesses, which in turn fuels the Bank’s ongoing expansion. We deeply appreciate the patronage of our customers and remain committed to deepening our mutual relationship as we support their businesses,”  Acting CEO / Managing Director Mary Kanuku said.

“As we further grow our presence in Kenya, we reiterate our dedication to the country as a key partner in advancing Islamic finance. Kenya’s vibrant market offers a perfect match for our goal of delivering inclusive financial solutions grounded in Islamic values,” she said.

“Building on our legacy as pioneers in Islamic banking, along with our solid financial foundation and global network, we are committed to supporting the Kenyan market. We aim to solidify our role as a strategic ally in Kenya’s economic growth, contributing to its broader socio-economic progress and prosperity,” stated Dr Steve Mainda, Board Member of DIB Bank Kenya.

“The bank’s future looks positive with a projected sustained profitability for 2025. This outlook is anchored on a strong balance sheet, stable capitalization and liquidity levels, a sustained focus on managing asset quality, and the continuous implementation of efficient business models,” added Dr Mainda.

The Bank also said it remains focused on its expansion strategy within the country, with recent branch openings in South C and Nyali.

It is dedicated to increasing its footprint across the nation, leveraging digital solutions to enhance the customer experience.