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Diamond Bank Reports N11bn Profit In H1,assets base hits N2tr as profit rises by 2.8%

Market Digest Nigeria

DIAMOND Bank Plc has achieved asset base of N2 trillion in the first half, H1 of 2017, while its profitability rose by 2.8 per cent during the period.

The bank disclosed this in its H1 2017 financial results released on the floor of the Nigerian Stock Exchange (NSE) in Lagos. The bank stated that its profit before tax rose by 2.8 per cent to N10.8 billion during the period, while its total asset grew by 0.8 per cent year-on-year to N2.065 trillion, making the bank one of the top six biggest banks in the country. The increased profitability and asset growth was driven by 16.1 growth in gross earnings which rose N114.1 billion while interest income also increased by 31.5 per cent to N89.1 billion.

The bank however recorded 6.9 per cent in loss to bad loans (impairment), attributing this to continuation of prudent provisioning It stated that: “Despite the fact that loans to customers shrunk by 1.8 per cent from N1.4 trillion to N1.3 trillion, reflecting the cautious optimism employed by the management to manage and stabilise risk assets as the economy waddles through and out of recession, the Bank’s retail customers grew exponentially with over 6 million Diamond Y’ello customers opening accounts in the last two years.

Managing Director/Chief Executive, Diamond Bank Plc, Mr. Uzoma Dozie, said that that despite the economic headwind, the bank would remain resilient and sustain the positive growth throughout the two remaining business quarters. According to him, the Bank’s strong liquidity and capital adequacy ratios plus its digital infrastructure have strengthened and rightly positioned it to meet customer obligations and offer service deliveries that are beyond banking, adding that the improving macroeconomic conditions will help stimulate and sustain the growth trajectory of the Bank.

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