DIAMOND BANK PLC REPORTS CONTINUED OPERATING PERFORMANCE IMPROVEMENTS IN FIRST QUARTER 2012

DIAMOND BANK PLC REPORTS CONTINUED OPERATING PERFORMANCE IMPROVEMENTS IN FIRST QUARTER 2012

Diamond Bank’s operating performance has continued to show significant improvement even as the bank reissues its first quarter 2012 results in line with the International Financial Reporting Standards (IFRS). The bank’s reissued results indicate it made a profit before tax of N7.8billion for Q1 2012.

According to a press statement made available to our correspondent, Group Managing Director/CEO of the Bank, Dr. Alex Otti, stated that the first quarter results prepared according to IFRS shows a consistent improvement in PBT growth indicates that the bank is on track towards delivering significant ROE in 2012. 

While the bank recorded a net interest income of N20.2 billion, operating expenses stood at N13.5 billion and profit before tax at N7.8 billion,. These figures  are consistent with the results prepared based on Nigerian General Accepted Accounting Practice (NGAAP) where the bank recorded  N18.1billion, N13.4billion and N7.5billion for net interest income, operating expenses and profit before tax respectively.

Said Dr. Otti: “Our customer base is growing with recurring monthly fee income improving and our growing retail liabilities have continued to sustain our low cost of funds. We have shown that we have a leading position in net interest margin which is sustainable. In addition, our operating efficiency is robust and yielding strong operating performance.”

Diamond Bank’s group balance sheet results for Q1 2012 indicate that its cash balances with Central Bank is N61.8 billion, loans and advances to customers are N433.5 billion, total assets are N855.3 billion and deposits from customers are N641.1 billion. These IFRS results are similar to the one prepared according to NGAAP where the bank recorded N61.7billion, N440.3 billion, N858.3 billion and N640.1 billion respectively. Indeed, the bank’s loans and advances to banks, and deposits from banks were uniform at N92.7 billion and N7.1 billion respectively for both standards.

 “We are delighted by these encouraging figures and will continue to maintain focus on growing our operating profitability at acceptable risk levels that ensure we deliver growing returns to our shareholders in 2012 and the years ahead,” concluded Dr. Otti.