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[2008-06-04] Investors approve rights issue Diamond Trust Bank Kenya shareholders have endorsed its intentions to establish a subsidiary in Burundi and increase its investment in Uganda through a rights issue.
The bank’s chairman Mahmood Manji said the decision to enter the Burundi market and increase its investment in Uganda had been prompted by the need to strengthen its presence in East Africa.
“I believe these initiatives will sustain the bank’s growth trajectory and further harness business opportunities in the East African region,” said Mr. Manji. Shareholders at the annual general meeting held in Nairobi also approved the final payout dividend of 35 percent on the Issued and Paid-up Capital of KSh652 million, an increase of 40 percent over the previous year. The group posted a pre-tax profit of KSh346 million for the first quarter this year, a 60 percent increase over the same period last year.
A strong customer deposit base estimated to be KSh30.9 billion as at March this year boosted the profit growth.
