Diamond Bank Profit before tax drops by 74.8%

Diamond Bank Profit before tax drops by 74.8%

Diamond Bank Plc before tax dropped to N7.1 billion from N28.10 billion in 2014, a decrease of 74.8 per cent.

The report is contained in the bank’s audited result released on Wednesday in Lagos by the Nigerian Stock Exchange where it declared gross earnings of N217.09 billion for the financial year ended December, 31, 2015.

Diamond Bank profit after tax also dropped by 77.8 percent from N25.49 billion achieved in 2014 to N5.66 billion.

Just as the bank’s profits before and after tax, its net operating income equally witnessed a slump from N127.38 billion in 2014 to N104.64 billion while its impairment charges suffered the same fate recording N55.17 billion as against N44.18 billion recorded in 2014.

However despite the woeful performance in all areas including the bank’s non-performing loan, which stood at 6.9 per cent from 5.1 per cent posted in 2014, Diamond Bank CEO, Mr. Uzoma Dozie, expressed optimism, explaining that the bank would deliver improved earnings in 2016.

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