DIAMOND BANK LAUNCHES HIGH YIELDING NEW SAVINGS ACCOUNT

In line with its tradition of providing customers with innovative lifestyle changing products, leading customer-centric bank, Diamond Bank Plc has announced the launch of a high interest yielding savings account called the Diamond Bonus Savings Account.
 

In a press statement released by the Bank, Senior Advisor, Retail Banking, Garry Marsh, revealed that the Diamond Bonus Savings Account is designed for individuals desiring higher interest earnings on their accumulated savings.  Targeted at individuals who are looking for a high regular income on their savings, but with the flexibility to move funds whenever they wish, the account offers customers an annual interest yield of 5%, payable monthly, plus a quarterly bonus of 100% on interest earned if no withdrawal is made in  the quarter. The minimum balance requirement is N500,000.

According to Garry Marsh, “We are not aware of any other bank offering anything close to 10% on their savings accounts, but that is exactly what Diamond Bonus Savings account offers. We think it is the best deal in the industry by any measure and the account operates absolutely free of any charges”,

“Diamond Bonus Savings account is available to existing and prospective customers of the bank with a minimum opening balance of N500,000. Customers will earn the guaranteed 5% annual interest payable every month when they maintain a minimum balance of N500,000, while the bonus interest of 100% is awarded when no  withdrawals are made in a quarter. Customers who simply leave their money in the account untouched will earn almost 11% on a compounded basis as interest and bonus continues to be added,” adds Garry Marsh. 

“Diamond Bonus Savings account holders enjoy much more than high interest though as they also have the luxury of accessing their funds through our various electronic channels like Diamond Online, Diamond Mobile and Diamond Telephone Banking Services. They can equally make withdrawals over the counter at any of our 220 branches across the country, provided the minimum balance of N500,000 is maintained,” said Garry Marsh.

Diamond Bonus Savings Account becomes the latest addition to the rich bouquet of savings accounts currently offered by Diamond Bank. Amongst these accounts are the Diamond Kiddies Account, targeted at children below 18 years, Diamond SavingsXtra Account, for those who want to enjoy all the benefits of a savings account plus a chance to win over N600 million in rewards; and Diamond High Interest Deposit account, targeted at individuals with at least N100,000 desiring competitive interests on their savings. “Our savings accounts are tailor-made to suit diverse market segments and with as little as N5,000, individuals can start a banking relationship with us, banking for free, with access to the excellent service delivery for which we are known,” concludes Garry Marsh.

DIAMOND BANK REWARDS CUSTOMERS WITH N50M IN OCTOBER

As part of its effort to foster a savings culture amongst Nigerians, Diamond Bank Plc last week gave away N50m in cash prizes to 45 lucky customers who emerged winners in the October 2011 draw of the Bank’s SavingsXtra Rewards Scheme. 

In a statement by the Bank, Head, Propositions and Liabilities Group, Chidinma Lawanson confirmed that the 45 lucky customers won various cash prizes ranging from N250,000 to N24m, including a star prize of Salary 4Life won by  Adeoye Alli of the Ashabi Cole, Alausa branch, which entitles him to a monthly income of  N100,000 per month for the next 20 years. 

The rewards scheme, currently in its fourth season, was introduced over three years ago (in June 2008), with the intention of encouraging a savings culture and as an opportunity to reward customers for their loyalty.  To stand a chance of winning in the rewards, customers are required to save at least N5,000 in a SavingsXtraaccount. New customers will be required to open a SavingsXtra account and maintain a minimum balance of N5,000 until the qualifying date for the draw which is the 28th of every month.

It will be recalled that Diamond Bank paid an unprecedented sum of N50m to Mr. James Umaru Mbugadu, a civil servant and Lafia, Doma Road customer in January 2009, thus making him the first recipient of such a large amount in any customer reward scheme in Nigeria. Miss Habiba, a 23 year old then 100 level undergraduate of the University of Maiduguri, Borno state was to follow in July 2009 as she also won N50m in the first phase of the campaign. She is a Shehu Laminu Way branch customer of Diamond Bank.

Speaking further, Mrs. Lawanson stated that “we gave away N200 million in prizes in Season 1 (June 2008 to July 2009); N400 million worth of prizes in Season 2(September 2009 to August 2010), N500 million in Season 3 (September 2010 to August 2011) and we will be giving away N605.5m in Season 4 which kicked off in September 2011 and lasts till August 2012.

The reward system expresses Diamond Bank’s commitment to enhancing the life style of its customers and the Bank’s resolve to rewarding customer loyalty. The Bank has consistently rolled out creative and innovative products and services with positive effects on customer experience. The Diamond SavingsXtra account is designed for individuals who want to build up their savings gradually. It is an interest-yielding savings account, which allows the deposit of both cash and third party cheques. In addition, cash can be withdrawn from an ATM and over the counter using a cheque from any Diamond Bank branch.

DIAMOND BANK PARTNERS PAGA TO OFFER BRANCHLESS FINANCIAL SERVICES IN NIGERIA

In line with the Central Bank of Nigeria’s drive towards making Nigeria a cashless society, Diamond Bank has announced the signing of a formal partnership with the Central Bank licensed company Paga, to offer branchless financial services to Nigerian consumers. Diamond Bank and Paga have been working together on this initiative for nearly two years.

The partnership will make is possible for Diamond Bank customers to link their bank accounts to their Paga accounts - permitting them to perform transactions on Paga directly from their bank account. Customers will be able to perform a variety of transactions including money transfers and bill payments. Over time Diamond Bank will leverage Paga’s agent network to offer its banking products to the un-banked.

This will ultimately give Diamond Bank’s new and existing customers additional choice and access to the Bank. By linking their bank account to the Paga electronic wallet, customers will be able to move their money between the two systems freely and easily through their mobile phones. This will enable them to send payments around the country, pay their bills, buy airtime their mobile phones and make use of the large numbers of Paga agents situated around the country.

Speaking on the partnership, Dr Alex Otti, Group Managing Director of Diamond Bank, remarked “Diamond Bank is committed to delivering excellent banking services to its customers as well as devising new ways of reaching new customers. Expanding the reach of formal banking is vital to our long-term strategy and in due course Paga will allow us to reach a new segment of the population.”

Also commenting on the partnership, Mr Tayo Oviosu, Founder and CEO of Paga said “Paga aims to work with strong Banks and Microfinance Institutions who share our mission of bringing affordable financial services to the un-banked. Diamond Bank is a leader in retail banking and has been very innovative in thinking how to extend banking services to the un-banked. This partnership and others we will forge will help us achieve our goals and bring banking to the door step of every Nigerian.”

Mr. Garry Marsh, Senior Advisor Retail & Private Banking of Diamond Bank remarked “We have been on this journey with Paga for well over a year now. The selection of Paga is a result of the company consistently executing on its plans and proving to our team that not only do they have a robust platform but they are able to deliver. We look forward to working with Paga over the coming months and years, bringing financial services to the un-banked...”

Mr. Jay Alabraba, Paga Co-founder and Director of Sales & Business Development, added: “With over 59 million un-banked adults in Nigeria, finding new ways of reaching out to this market is a major challenge for Banks. There needs to be new ways of thinking and innovation in the banking sector. Diamond Bank is definitely ahead of the game in finding new ways of reaching customers. We applaud Diamond Bank for taking the bold first step towards delivering branchless financial services to the un-banked.”

Paga works on the most basic SMS enabled phones and on all mobile networks, so users have the liberty to access their Paga account regardless of what handset or mobile network they use. Even more, recipients do not need to register on Paga in order to collect cash sent to them – they can simply visit a Paga agent and shortly – any Diamond bank branch or ATM to get their cash.

Adding Paga to its existing services is further evidence of Diamond Bank’s approach to Retail and Consumer Banking. “We believe in innovation. We believe in adding value to the lives of our customers. We believe in giving our customers choice. All of these things have been clearly exhibited through the years in our Credit Card offerings; our MSME and Xclusive Banking propositions and in our Savings products,” noted Garry Marsh.

This new partnership adds further value and supplements the service delivery channels already available to Diamond Bank customers with 220 branches around the country, 250 ATMs, internet and mobile banking services as well as a contact centre which is available 24/7.

Diamond Bank’s Chairman Assures Shareholders of Steady Growth

... as shareholders approve Dividends

The esteemed shareholders of Diamond Bank Plc, one of the leading commercial banks in the country, have been assured of the Bank’s steady growth in both profitability and business expansion, as it also pays dividends.

Speaking at the Bank’s 20^th Annual General Meeting (AGM) held in Lagos weekend, the Chairman of the Bank, HRM Igwe Nnaemeka Achebe (the Obi of Onitsha), stated during the last year’s AGM, he said there is every reason to look forward to a better future, as the Bank continues on the path of profitability and commitment to adequate return on investment for all the shareholders.

“I am happy to confirm that the key actions we took in 2010 financial year were fruitful. Your Bank returned to profitability and you should expect steady growth in the years ahead”, he stated.

Igwe Achebe further stated that Diamond Bank has a dividend policy that balances the dual objectives of appropriately rewarding shareholders through dividends and reinvesting profit to support future growth. “Consistent with this policy and in recognition of the Bank's overall performance, your directors are pleased to recommend a dividend of 15 kobo per share for the financial year ended December 31, 2010. This decision was taken in order to appreciate our shareholders for their patience, commitment and support especially in 2009 when the Bank could not pay any dividend,” he stated.

According to him, the Bank recorded a Profit Before Tax (PBT) of N9.5 billion for the year compared to the loss before tax of ₦9.0 billion for the 8-month financial year ended December 31, 2009. This improved performance was as a result of the significant increase in our interest margin and the gains from the initiatives that were implemented to improve operating efficiency and organizational productivity. The Bank’s focus on its retail banking strategy over the years is paying off with significant improvement of the balance sheet through low-cost deposits, thus improving the net interest margin. The risk-adjusted returns on retail assets have also been very encouraging. The Bank’s ratio of operating expenses to operating income improved from 68.1 percent recorded in 2009 to 62.6 percent in 2010. The Bank had focused on implementing cost effective business structures and processes which has culminated in more efficient staffing and operating model. The impact of these measures has resulted in improved efficiency.

“Taking into account the vigorous implementation of our risk management and other business transformation initiatives, I have no doubt that our Bank is set on steady and sustainable profit path. The current implementation of 2010 shareholders’ resolution for the Bank to divest from non-bank subsidiaries or combine the relevant activities with its operations will enable the Bank focus on the areas of its core competence. Considering the steps taken in the last two years to optimize the business, I sincerely believe that your Bank is now well positioned to conclude the clean-up of the legacy loan losses in the 2011 Financial Year and move progressively to becoming one of the top Nigerian banks in terms of ROE, and the champion in customer experience and operational efficiency,” he stated.

Diamond Bank records improved Operating Profit in its First Quarter 2011 results.

Diamond Bank Plc, the provider of comprehensive banking and other financial services to corporate and individual customers across Nigeria and Africa announces Group results for the three months ended 30 March, 2011.

According to statement by the Bank, the result shows a continued profitability in the Group’s Profit and Loss account, despite challenging environment. It said, its Operating Profit of N6.3 billion is an increase of 28.6% (N4.9 billion March 2010), while the Bank recorded a Net interest income of N12.3 billion, an increase of 20.6% (N10.2 billion March 2010), adding that its operating expenses was stable at N11.9 billion (N11.6 billion March, 2010).

Speaking on the released result, the Group Managing Director/CEO, Diamond Bank Plc, Alex Otti, commented: "Diamond bank has remained profitable in the first quarter of 2011, our operating profit has grown 28.6% against last year's Q1 levels on the back of growing revenues and a stable expense base. We have maintained our strong liquidity position and our risk asset quality continues to improve. As our retail banking push continues, our customer base is growing with recurring monthly fee income improving and our growing retail liabilities have reduced our overall cost of funds to 2.2% from 6.4%. The bank currently operates through 215 branches across the 36 states of Nigeria and we intend to increase this to 300 in the near future. When combined with the stable operating cost structure, and our upward trending operating income over the last three years, we can safely say that Diamond bank is well positioned to continue to be Nigeria's fastest growing retail bank. Despite our very positive operating performance, the group continued to experience headwind from legacy loans and losses on disposal of its non-core assets in 2011. The new management that assumed office in March 2011 is already taking steps to firmly resolve the legacy issues in the course of the current financial year, and set a new and significantly more profitable direction for the Group in 2012 and going forward.

Other Financial Highlights include a gross earnings of N20.3 billion, a year on year decrease of 17.1% (N24.5 billion March 2010)· It’s Profit before tax stood at N1.8 billion, a decrease of 10.0% (N2.0 billion March 2010) and a provision for loans and investment losses of N4.5 billion (N2.9 billion March 2010). Risk assets volume grew by 4.7% to N327.0 billion from N312 billion in December 2010 while its deposits volume grew by 8.9% to N448.5 billion from N412.0 billion in December 2010.

Diamond Bank Opens Business in Senegal

Diamond Bank Plc, one of the leading commercial banks in Nigeria has announced the commencement of its Senegal operations, adding that the presence ushers in a new phase in the Bank’s global expansion strategy and further emphasizes its vision of bringing world class banking services to all the francophone countries in the West African sub-region following its successful openings in the Republic of Benin.

In a statement made available to newsmen, the Head, Corporate Communications, Charles Udoh stated that the Bank will offer wholesale banking services, including structuring and funding of structured trade, project finance transactions, trade services business such as letters of credit, collections and guarantees, as well as arrangement of funding for group entities. “We are in Senegal to reaffirm our avowed commitment of bringing our full bouquet of life changing products which are tailor-made to meet the peculiar needs of the Bank’s various customers varying from corporate to retail products to the West Africa sub-region. We have made a statement in Nigeria, Republic of Benin and we are desirous of repeating it in Senegal as a leading bank that supports the growth and development of Small and Medium Scale Enterprises in the sub-region”, he said. Udoh further stated that for Diamond Bank, customer satisfaction and convenient service offering remains the primary reason for business, hence the Bank’s promise to continuously solve customer’ business problems with an absolute commitment to quality. The Bank was among the banks that pioneered online real time banking in the 1990s with its Diamond Integrated Banking Service (DIBS). Diamond Bank also spearheaded the drive towards a cashless society with the introduction of the Paycard, a cash purse which made it possible to securely carry large sums of money electronically.

Diamond Bank, established as a private liability company in 1991, presently operates more than 230 business offices in Nigeria with a subsidiary in the Republic of Benin, which was established in 2001 with over 20 business offices in Benin's key commercial centers.

Diamond Bank Announces Retirement of 13 Senior Staff

Diamond Bank Plc, the provider of comprehensive banking and other financial services to corporate and individual customers across Nigeria and Africa announces the retirement of 13 senior staff after varied years of commendable service to the Bank.

In a statement accredited to the Head, Corporate Communications, Charles Udoh, some of the retired staff had put in over 19 years of meritorious service to the Bank. “We are very proud of the achievements of each of these individuals and their significant contributions towards strengthening and sustaining Diamond Bank's brand" he said.

The statement further disclosed that the Bank went further to express the Board and Management's gratitude to all the retired staff for their invaluable contributions to the growth and development of the Bank for the past 19 years while wishing them success in their future endeavours.

According to Udoh, the retirement announcement brings to the fore Diamond bank’s robust human capital management policies that are tailored towards creating enabling environment for staff to achieve their career potentials without hindrances. “As employer of choice, the Bank has put in place policies that make the working environment friendly, conducive and encourage staff growth and development in the course of their duties. And that explains why staff could spend about 19 years in an organization that is just marking its 20^th anniversary,” he said.

He disclosed that Diamond Bank has strong belief on the impact of work life balance on staff commitment, loyalty and productivity because it believes that when there is a balance between work and an employee’s family life, you have a motivated workforce and high performing team. In this respect, the Bank has continued to review its policies with a view to creating an enabling environment for its staff and this has been the catalyst for the Bank’s growth over the years.