Diamond Bank Plc grew its top-line by 3.2 per cent to N156.5 billion in the first nine months of this year, according to earnings report released at the Nigerian Stock Exchange (NSE).
The nine-month report for the period ended September 30, 2015 showed that gross earnings rose from N151.6 billion recorded in third quarter 2014 to N156.5 billion in third quarter 2015, representing an increase of 3.2 per cent. Net interest income increased to N85.2 billion against N82.6 billion in comparable period of 2014. Profit before tax however dropped from N23.7 billion to N18.6 billion while profit after tax also declined from N20.19 billion to N18 billion.
Chief executive officer, Diamond Bank Plc, Mr Uzoma Dozie, said the bank has gone through extensive transformation noting that innovation, technology and lifestyle priorities will drive banking in the future and Diamond Bank has been well positioned to take advantage of this.
He expressed optimism about the growth and value to shareholders and restated his commitment to overseeing full implementation of the bank’s digital led retail strategy.
According to him, the decline in total assets of the bank by 8.5 per cent from December 2014 was due to the continued rebuilding and strengthening of the bank’s balance sheet with focus on a more efficient structure that will deliver better returns to shareholders in the long term.
“Our customer friendly products and services are showing positive results. By taking this approach we stand to benefit from further innovation, technology and lifestyle changes that will drive banking in the future. Our business has remained resilient despite challenges in the operating environment, and as the fastest growing retail bank in Nigeria, we have the resources and governance structures to enable us ride the current headwinds and take advantage of opportunities that may arise in the future,” Dozie said.
According to him, in spite of regulatory headwinds that impacted business operations in third quarter, Diamond Bank stayed focused on strategy implementation showing strong resilience against the tide. The bank cleaned its books of additional toxic assets and recorded strong growth in revenue, while setting forth a clear and realisable business roadmap that would promote stronger and sustainable growth in the fourth quarter and the years ahead.
Although industry watchers and analysts had predicted a decline in, or flat revenue at best, due to unfavourable macro environment and challenging regulation, Diamond Bank maintained its status as the fastest growing retail bank as well as displayed resilience in earnings..
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