DIAMOND BANK POSTS IMPRESSIVE RESULTS FOR 2013 …… declares N32.1bn PBT with 30k proposed dividend

Group Managing Director, Diamond Bank PLC, Dr. Alex Otti

Diamond Bank Plc has declared a Profit Before Tax (PBT) of N32.1 billion for its financial year ended December 31, 2013. This performance represents a sustainable growth in profitability over the past 2 years.

The Bank’s PBT was achieved from gross earnings of N181.2 billion, an increase of 27 percent over N143.0 billion earned in the previous year.  The Profit After Tax (PAT) for the year grew by 29 percent to N28.5 billion as against N22.1 billion recorded in 2012. The PAT resulted in earnings per share of 197k for the year.

According to the Group Managing Director, Dr. Alex Otti, “We are pleased to announce that Diamond Bank has exceeded its N30 billion profit guidance to return a profit before tax of N32 billion in 2013. This result is rooted in our strength to attract low-cost deposits and deploy these into various assets at profitable yet acceptable risk levels”.

He added: “Despite the challenging operating environment, we continue to advance our competitive advantage with above industry balance sheet growth. We will continue to explore all opportunities to grow our business and market share responsibly as we leverage on our growing customer relationships, enhanced by our expansive delivery channels and excellent service delivery.

On the strength of the Bank’s impressive performance, the Board of Directors has proposed payment of dividend to shareholders at the rate of 30k per share.

Diamond Bank recorded some landmark achievements during the year under review. As a demonstration of accomplishments in Retail Banking, Diamond Bank was among the four banks in Africa appointed by the United Kingdom’s Department for International Development (DFID) to manage $7.1 million (N1.1 billion) fund dedicated to bringing 1.3 million people from sub-Saharan Africa into the formal financial sector.

Furthermore, the Bank received an award from the World Finance Group as the Best Bank in Oil & Gas investment in 2013 (2^ndyear running).This is in addition to being awarded the Best Issuing Partner Bank in sub-Saharan Africa, 2013, by the International Finance Corporation (IFC).