DIAMOND BANK ANNOUNCES GROWTH IN OPERATING INCOME

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Diamond Bank remains on track to deliver superior returns to shareholders at year end with an impressive H1 result after declaring a profit before tax of N17.6 billion- an increase of 14 per cent from N15.4 billion in June 2012.

This is reported in the bank’s Unaudited H1 Results for 2013 prepared in accordance to the International Financial Reporting Standards (IFRS), released to the Nigerian Stock Exchange (NSE) and made available to financial correspondents in Lagos, Nigeria.

Speaking at the Bank’s Corporate Head Office in Lagos, Dr. Alex Otti, Group Managing Director/CEO of Diamond Bank commented, “We are proud of the latest set of results which underline the sustainable financial robustness we have achieved following our consistent growth and overall balance sheet efficiency.”

A closer review of the profit in the period under review, Diamond Bank recorded an operating income of N57.2 billion in H1 of 2013 compared to N44.5 billion reported in the same period of year 2012.

Similarly, interest income of the Bank rose by 35 per cent in the H1 period which ended June 30, 2013 as Diamond Bank posted N70.1 billion compared to N52.1 billion in the corresponding period of 2012.

According to Dr. Otti, “Our innovative and customer focused services gives us access to a faster growing share of Nigeria’s newly emerging bankable population, while maintaining our strong net interest margin in an increasingly competitive environment.”

The bank showed good appetite in funding the real sector with loans and advances to customers going up by seven per cent to N624.5 billion as against N585.2 billion in December 2012.

Total Assets of the Bank now stand at N1.3 trillion up 13 per cent from N1.2 trillion in December 2012, while deposits from customers rose to N1.03 trillion up 13 per cent from N910 billion in December 2012.

“With a strong retail product innovation strategy showing positive results as well as consistent sound risk management practices, Diamond Bank is firmly positioned to continue delivering sustainable returns in 2013 and beyond.” concludes Dr. Otti.
Diamond Bank Plc, is one of Nigeria’s foremost banks, providing comprehensive banking and other financial services to corporate and individual customers across Nigeria, West Africa and the United Kingdom.

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