Business

NIGERIA: Diamond Bank Records N32 Billion Profit

Diamond Bank Plc has declared a profit before tax (PBT) of N32.1 billion for the financial year ended December 31, 2013.
 
A statement from the bank at the weekend said the financial results represent a sustainable growth in profitability over the past two years.
 
The bank’s PBT growth 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 under review grew by 29 per cent to N28.5 billion as against the N22.1 billion recorded in 2012.
 
According to the statement, the PAT growth resulted in earnings per share of 197 kobo for 2013.
 
Commenting on the results, the Group Managing Director/Chief Executive Officer, Diamond Bank, Dr. Alex Otti said: “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.”
 
Otti noted that despite the challenging operating environment, the financial institution continued to advance its competitive advantage with above industry balance sheet growth.
 
He assured shareholders and other stakeholders of the bank that they would continue to explore all opportunities to grow business and market share responsibly as they leverage on the growing customer relationships, enhanced by expansive delivery channels and excellent service delivery.
 
On the strength of the bank’s performance, the Board of Directors proposed the payment of 30 kobo per share dividend to its shareholders.
 
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,” the statement added.
 
Diamond Bank Plc recent revealed plans to expand its branch network to about 300 before the end of this year.
 
The Chief Finance Officer, Diamond Bank, Mr. Abdulrahman Yinusa who said this in a chat with THISDAY explained that the investment in branch expansion would enable the financial institution to effectively play in the retail segment of the market.
 
According to Yinusa, the bank had 253 branches as at the end of 2013.
 
“Our target is that at the end of this year, we will have about 300 branches. We shall also open a lot of electronic branches in relevant areas across the country, where there will be very minimal human interactions, but just for customers to do their transactions,” he had explained.

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