In the midst of the regulatory headwind which, as it were, dulled industry average performance in the current financial year, Diamond Bank Plc recorded a 1% growth in Profit After Tax (PAT), in its 9-Months unaudited financial statement for period ended 30th September 2014.
The result of the Bank’s 9 months performance which was presented to the Nigerian Stock Exchange (NSE) and released to journalists in Lagos showed that Diamond Bank grew its operating Profit After Tax (PAT) to N20.180 billion from N20.050 billion. Although the increase in profitability is marginal, the Bank grew its asset base by 11%, from N1.52 trillion as at 31st December 2013 to N1.68 trillion recorded as at the end of September 2014.
Speaking on the results, the Group Managing Director/Chief Executive Officer of the Bank, Mr. Uzoma Dozie, commented, “We at Diamond Bank are pleased to report continued success in implementing our strategy across the group as evidenced by the decent PAT despite regulatory challenges.” He further stated that the performance of Diamond Bank in the last 9 months is a testament of management’s strategic alignment and focus, noting that retail infrastructure and innovative strategy have remained strong enablers which are propelling the Bank to deliver retail solutions and propositions across all the business and market segments.
A deeper look at the results shows that the Bank’s deposit base increased from N1.206 trillion as at December 2013 to N1.255 trillion at the end of September 2014, representing a growth of about 4%, while deposit from other banks grew by 61%, from N54.6 billion in 2013 to N87.7 billion in 2014.
Furthermore, the Bank scaled up loan facilities as it grew its cumulative loan portfolio to banks by 43% to N184.7 billion from N129.4 billion, while loans to customers increased to N718.8 billion from N689.2 billion recorded as at December 2013, representing a growth of 4%.
According to Uzoma Dozie, “the recent upgrade of our core banking application, combined with other support functions has facilitated excellent service delivery across our network. We are encouraged by these positive results, and we will continue our corporate journey in the strategic direction we set for ourselves”.
