Diamond Trust Bank (Uganda)

Diamond Trust Bank (Uganda) Limited
Company typePrivate
IndustryFinancial services
Founded1945; 80 years ago (1945)
HeadquartersDTB Centre, Plot 17/19, Kampala Road,
Kampala
,
Uganda
Key people
  • Azim Kassam (Chairman)
  • Godfrey Sebaana (CEO)
[1] Effective 2 April 2024
ProductsLoans, savings, checking, investments, debit cards, credit cards, mortgages
RevenueIncrease:Aftertax: UGX:35.8 billion (US$9.223 million) (2022)[2]
Total assetsUGX:2.42 trillion (US$623.467 million) (2022)[2]
Number of employees
680 (2024)[1]
Websitedtbu.dtbafrica.com

Diamond Trust Bank Uganda Limited (DTBUL), is a commercial bank headquartered in Uganda.[3] It is licensed and supervised by the Bank of Uganda, the central bank and national banking regulator.[4]

Overview

As at December 2022, the bank's total assets were valued at about UGX:2.42 trillion (approximately US$623.467 million), with UGX:250 billion (approx. US$65 million) in shareholders' equity.[2] As of 31 December 2022, DTBUL was the seventh largest commercial bank in Uganda by deposits. It was also the 8th largest commercial bank in the country, by assets. At that time it serviced an estimated 160,000 bank clients.[2]

History

The bank dates to 1945, when it was operating as the Diamond Jubilee Investment Trust (DJIT), with its head office in Dar es Salaam, Tanzania, and branches in Mombasa, Kenya and Kampala, Uganda. Branches were later opened at Nairobi and Kisumu in Kenya. The company was initially established as a community-based finance house, dedicated towards the extension of credit to the East African Ismaili Community and the mobilization of their savings. In 1965, DJIT was split into three entities, one each in Kenya, Tanzania, and Uganda.[5]

In 1968, the rapid economic development of post-independence Uganda saw the founding of Diamond Trust Properties Uganda Limited. In 1972, Diamond Trust (Uganda) Limited (DTU) commenced operations as a non-bank financial institution. Between 1972 and the early 1990s, DTU was largely moribund because of political instability.[5]

In 1995, the institution was recapitalized with the participation of the Aga Khan Fund for Economic Development and Diamond Trust Bank (Kenya) Limited. In 1997, the bank became a full-service commercial bank and was renamed Diamond Trust Bank (Uganda) Limited.[5]

Diamond Trust Bank Group

DTBU is a member of the Diamond Trust Bank Group, a large financial services provider with operations in Burundi, Kenya, Rwanda, Tanzania, and Uganda.[6][7]

Ownership

Diamond Trust Bank (Kenya) Limited owns at least 56.97 percent of the shares in Diamond Trust Bank (Uganda) Limited.[8]

See also

References

  1. ^ a b Justus Lyatuu (25 March 2024). "DTB appoints Godfrey Sebaana new managing director". Daily Monitor. Kampala, Uganda. Retrieved 25 March 2024.
  2. ^ a b c d "2022 Net Profits At Diamond Trust Bank's Ugandan Unit Grow 16.2 Percent To UGX 35.8 Billion". CEO Magazine Uganda. Kampala, Uganda. April 2023. Retrieved 25 March 2024.
  3. ^ Diamond Trust Bank Uganda (2 June 2018). "The Headquarters of Diamond Trust Bank Uganda Limited". Kampala. Retrieved 2 June 2018.
  4. ^ Bank of Uganda (31 March 2023). "Bank of Uganda: List of Licensed Commercial Banks As At March 2023" (PDF). Bank of Uganda. Kampala, Uganda. Retrieved 25 March 2024.
  5. ^ a b c Diamond Trust Bank (27 August 2016). "History of Diamond Trust Bank (Uganda) Limited". Kampala: Diamond Trust Bank. Retrieved 27 August 2016.
  6. ^ Vision Reporter (22 August 2007). "60 Year Old Diamond Trust Bank Rebrands". New Vision. Archived from the original on 3 May 2014. Retrieved 3 May 2014.
  7. ^ New Times Reporter (14 August 2009). "Kenya's Diamond Trust Bank To Extend To Rwanda". The New Times (Rwanda). Retrieved 3 May 2014.
  8. ^ Juma, Victor (5 May 2016). "DTB raises stake in Uganda unit with $10.9 million injection". The EastAfrican. Nairobi. Retrieved 27 August 2016.

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