Diamond Bank records a 20 % drop in profits in Q1

Diamond Bank records a 20 % drop in profits in Q1

Diamond Bank on Friday announced that it recorded a significant drop in its profit before tax in the first quarter of 2016.

The bank’s profit before tax for 2015 first quarter declined by a little over 23 percent.

The bank saw its profits before tax for 2015 dropped to N6.7 billion in its operations in the first quarter ended March 31, 2016, from N8.4 billion recorded in the last corresponding period.

This is contained in the bank’s unaudited result submitted to the Nigerian Stock Exchange (NSE) on Friday.

Diamond Bank Profit before tax drops by 74.8%

Diamond Bank’s profit after tax also dropped to N5.76 billion from the N7.17 billion achieved in the corresponding period in 2015, just as its interest and incomes declined to N35.71 billion as against N40.49 billion made in the corresponding period in 2015.

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