Diamond Bank reports N14.19bn H1’15 pre-tax profit

The financial result of Diamond Bank plc for the half-year (H1) period ended June 30 2015 shows that its profit before income tax declined by 11.7 percent to N14.193billion, from N16.072billion in the corresponding H1 period of 2014.

Also, the bank reported profit after tax (PAT) of N12.15 billion, which was lower than its 2014 position of N13.78billion, a decline of 11.83percent.

Diamond Bank plc posted 6 percent year-on-year (YoY) growth in gross revenue from N96.8billion in half-year (H1) 2014 to N103.0billion.

According to the bank’s H1 2015 unaudited released at the Nigerian Stock Exchange (NSE), it basic earnings per share (in kobo) declined to 52kobo from 95kobo.

The bank’s total assets also declined to N1.830billion from N1.933billion in H1’14. Net Interest Income (NII) rose to N58.621billion from N55.393billion in H1’2014.

Uzoma Dozie, group managing director/CEO, Diamond Bank plc said that the bank’s continued success in spite of regulatory headwinds is hinged on focusing on the implementation of strategies that promote sustainable growth and profitability for the long term.

Diamond Bank capital adequacy ratio rose to 18.6 percent, in excess of the Central Bank of Nigeria’s (CBN) required minimum. Loans to customers increased by N2.6 billion, customer deposits, declined from N1.5 trillion to N1.4 trillion.

According to the Bank’s CEO, “our innovative, customer friendly services and retail banking strategy are showing positive results and will enable us to sustain low cost of funds. In the quarters ahead, we will focus on premium quality risk assets, as we continue to explore opportunities to grow our market share responsibly. We shall expand customer relationships, enhanced by our elaborate channels and excellent service delivery”

Meanwhile, the group continues to deploy new technologies and digital applications to drive financial inclusion and convenient banking amidst a decline in the pace of economic activities and weak economic fundamentals. 

The Bank’s focus remains on retail banking and providing convenient and easy banking to the micro small and medium enterprises segment, it has however continue to grow its corporate and mid-tier business segments, and according to the CEO, “the concept of value chain management helps us to provide end to end solution to the value chains of our corporate clients and ultimately improves value for both us and the customers”