Diamond Bank assets grow to N2.05trn in Q3 2016

Diamond Bank plc maintained a stable growth in its third quarter financial result, growing N2.05 trillion total assets, representing 16.9 percent from N1.753 trillion in the corresponding period.

This was driven mainly by the value of the local currency and growth in customer deposits, which surged 13.6 per cent from N1.233 billion as at the end of September 2015 to N1.401 billion in the current business year, demonstrating the Bank’s strong ability and network to generate cheap deposits from the retail and middle market segments.

Also, the Bank grew its loan port folio from N763.634 billion to N1.041 trillion, representing 36.4 per cent increase.

Commenting on the results, Uzoma Dozie, Chief Executive Officer, stated that the Bank’s modest growth in the last nine months despite the inclement operating environment, was the result of management’s focus on key strategic projections across the three core segments of retail, business and corporate banking, noting that the Bank will continue to passionately pursue its technology-driven retail strategy to optimise cost and reap predictable bountiful results in the medium to long term.

Uzoma said: “We believe the macro conditions and other external factors will remain challenging for the rest of the year and well into 2017. However, by pursuing our technology-led retail strategy and with our focus on innovation and scalability, we believe the Bank is well-placed to benefit in the medium to long term from the favourable fundamentals in Nigeria, namely a large population, many of which remain unbanked. This strategy stands to benefit all stakeholders, including our shareholders and customers in the long run.”