Diamond Bank PLC has recorded improved financial performance with an impressive 413% increase in its financial performance according to the second quarter 2012 results released recently. This comes on the heels of a positive financial performance the bank recorded in its first quarter results. The recently released results showed that Diamond Bank posted a healthy Profit before Tax of N15.4 billion for the half year ended June 30, 2012 representing an increase of 413% compared to the N3.0 billion recorded in the corresponding period of 2011.
Other details in the unaudited results released to the Nigerian Stock Exchange (NSE) show that Gross Earnings rose by 48.5% to N64.8 billion compared to N43.6 billion in the corresponding period of June 2011. The growth in the bottom line was driven mainly by fund-based revenue.
Commenting on the result, the Group Managing Director and Chief Executive Officer of the Bank, Dr. Alex Otti, said, “Our second quarter result is an indication that the balance sheet clean up exercise the bank embarked upon in December 2011 was a good choice. Our cost structure remained stable in Q2, with our risk indicators continuing to show sustainable asset quality improvements which adequately position the bank to deliver on target ROE by year end,” concluded Dr. Otti.
While the bank recorded a net interest income of N42.0billion, net operating expenses stood at N29.1 billion and profit before tax at N15.4 billion. These are significant improvements on the figures recorded a year ago where the bank achieved N24.5billion, N25.3billion and N3.0billion in net interest income, operating expenses and profit before tax respectively.
Diamond Bank’s Q2 2012 results also show improvement in various areas of the group balance sheet with total assets increasing by 12% to N960.1 billion (it recorded N855.3 billion in March 2012); deposits from customers increasing by 6% quarter on quarter to N679.3 billion (it recorded N641.1 billion in March 2012); and loans and advances to customers increasing by 6% quarter on quarter to N679.3 billion (it recorded N641.1 billion in March 2012) amongst others.
Diamond Bank has over the last one year embarked on a series of strategic initiatives set to reposition it for keener competition in the Nigeria Banking industry. These initiatives include the development of a robust risk management framework, implementation of sustainable banking initiatives, enhanced retail banking drive amongst others. The bank is currently referred to as a market leader in the retail banking segment with a host of offerings catering to different market segments. The bank’s net interest margin of 9% remains one of the best in the Nigerian Banking industry.
Diamond Bank PLC, is one of Nigeria’s foremost banks, providing comprehensive banking and other financial services to corporate and individual customers across Nigeria and West Africa.
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