Diamond Bank posts N6.7bn profit in Q1

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Diamond Bank Plc on Friday announced a profit before tax of N6.7 billion for the first quarter ended March 31, 2016.

Reports said that this is contained in the bank’s unaudited result submitted to the Nigerian Stock Exchange (NSE).

The report indicated that the profit was against N8.4 billion posted in the corresponding period of 2015.

Its profit after tax stood at N5.76 billion compared with N7.17 billion achieved in the preceding period of 2015.

Also reports that interest and similar incomes declined to N35.71 billion in contrast to N40.49 billion in 2015.

The bank’s operating expenses stood at N15.48 billion against N15.61 billion recorded in the corresponding period of 2015.

The bank, during the period under review, reported an impairment charge of N8.81 billion compared to N6.47 billion in the same period in 2015.

Mr Uzoma Dozie, the bank’s Chief Executive, said that the economic challenges witnessed in 2015 did not abate in the first quarter of 2016.

He said that the bank’s streams of income remained resilient and considerable growth was recorded in non-interest revenues.

“Our projection of the macro conditions and other external factors for the rest of the year is that these will remain challenging, and it has led to higher impairment charges than for the same period in 2015”.

He said that the bank’s continued success in spite of regulatory headwinds was hinged on implementing strategies that promoted sustainable growth and profitability in the long term.

He said that the bank would continue to introduce aggressive innovations, enhanced customer friendly services and retail banking strategy as strategic road map to sustainable growth and profitability.

This, he said, would enable the bank to focus on driving non-interest income and thereby strengthening explored opportunities to grow its market share.

“Diamond Bank’s focus remains on retail banking and providing convenient and easy banking to the micro, small and medium-scale enterprises (MSME) segment,” Dozie said.

He said the bank would also focus on growing its corporate and mid-tier market segment even as the regulatory headwinds blowed tougher and rougher.

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