Diamond Bank Declares N5.6bn Profit In Q1

ABUJA, (Sundiata Finance) – Diamond Bank has showcased focused and strong determination to continue to strengthen growth in key financial parameters as it posted profit before tax of N5.6 billion in the first quarter ended March 31, 2017.

Analysis of the bank’s performance scorecard for the first three months of the business year made to the investing public on the floor of the Exchange showed that interest and similar income grew by 27 per cent to N44.5 billion year on year, while the asset base leapfrogged to N2.07 trillion from N2.049 per cent, representing 1.2 per cent with personal operating cost shrinking by 3 per cent, reflecting management’s prudent resource use.

According to the chief executive officer of the bank, Uzoma Dozie, despite the inclement operating environment that clouded the period under review, the gains of the last business year, especially in customer acquisition, product development and the deepening of the bank’s retail strategy, helped in drilling a seamless business foothold and expansion in all market segments.

Dozie said, “Diamond Bank commenced 2017 focused on harnessing further benefits from its technology-led retail strategy. The bank’s strategy to expand reach and service through digital channels has helped customers connect to new markets.”

A further look at the result showed that profit before tax mildly declined to N5.6 billion from N6.6 billion in the previous year, while the bank grew its interest income year on year by 27 per cent to N44.5 billion.

As a reinforcement of the management’s determination to let go of sundry asset liabilities and consolidate on its business growth trajectory, the bank prudently set aside NI0.5 billion as impairment charge for the period, represent an increase of 20 per cent year on year.

A deeper look at the result show that Capital Adequacy Ratio crept quarter on quarter to 15.1 per cent from 15 per cent, with liquidity ratio standing at 41.7 per cent in excess of the regulatory requirement of 30 per cent, reflecting the Bank’s capacity for optimum customer service delivery.

According to the CEO, the continued pursuit of a diversified customer base across all market segments through retail offerings has helped in the mobilisation of low cost deposits accounting for over 80 per cent of total deposits as the revenue from mobile banking increased from N270 million in Q1 2016 to N1.2 billion in Q1 2017. Also, the usage of Diamond Mobile Apps continued to surge as the value of quarterly transaction volume jumped to N2.6 billion from N1.1 billion in March 2016.

The Bank’s retail customer count stood at over 13 million as at the end of March 2017, reflecting the strength of customer confidence and investor trust on the bank.

 

 

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