Diamond Trust Bank (Tanzania) Limited (DTB Tanzania) is a large financial services provider in Tanzania, with total assets valued at TZS 984 billion (approx. US$450.7 million) as at 31 December 2016. At that time, shareholders’ equity was valued at TZS 146 billion (approx. US$66.88 million). The bank has a network of 28 branches, of which 14 are in the Commercial City of Dar es Salaam, while the remaining 14 are spread across major commercial centers in the country. As per June 2017 audited industry financial results, Diamond Trust Bank (T) Limited emerged as Tanzania’s 4th Most Profitable Bank.
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Diamond Trust Bank (Tanzania) Limited (DTB Tanzania) was founded in 1945, as Diamond Jubilee Investment Trust (DJIT) with its head office in Dar es Salaam (Tanzania) and branches in Mombasa (Kenya) and Kampala (Uganda). Subsequently, branches were also opened in Nairobi and Kisumu in Kenya. At the time, DJIT operated as a community-based finance house offering savings and extending credit to members of the Ismaili Community.
In 1965, DJIT was divided into three companies – DJIT Tanzania, DJIT Kenya and DJIT Uganda with the respective head offices in Dar es Salaam, Nairobi and Kampala. DJIT Tanzania changed its name to Diamond Trust of Tanzania (DTT) in 1990. Under the name change, the Bank extended its facilities from a community-based finance house into a non-bank financial institution, and began offering financial services to the general public.
DTT was recapitalized in 1995 through injection of funds by its shareholders. Diamond Trust Bank Kenya and the Aga Khan Fund for Economic Development (AKFED) emerged as its two principal shareholders, holding 33% and 31% shareholding respectively. In 1997, DTT was licensed as a full commercial bank and changed its name to Diamond Trust Bank Tanzania Limited (DTBT).
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