Diamond Bank records stable growth in half-year results

Diamond Bank Plc, despite the challenging economy, has recorded growth in its 2016 first half result.

In the 2016 H1 result released to the Nigerian Stock Exchange (NSE), showcasing considerable growth in key financial parameters, as against sluggish growth forcast by industry watchers as total comprehensive income rose by 13.3 per cent year on year to N16.3 billion as against N14.4 billion recorded in comparable period of 2015.

Non-interest income surged by 33.4 per cent to N26.5 billion, reflecting the successful efforts targeted at improving this income line and also the focused strategy of management, which were sharpened at improving digital functionality and widening financial inclusion.

Profit Before Tax (PBT) remained modest and stable at N10.5 billion while Profit After Tax (PAT) stood at N9.1 billion, thus meeting shareholders’ expectation for the period under review and showcasing the strategic strength of the management to overcome the turbulent macroeconomic environment and the tough regulatory framework facing the financial services sub-sector.

The bank improved on its credit creation by 28.6 per cent as loans and advances to customers grew from N763.6 billion in the same period last business year to N982.3 billion. Also, loans to other banks jumped by 30.7 per cent to N78.5 billion in H1 2016 from N60.1 billion in the corresponding period last year, while its retail customers grew to over 13 million with seven million of these opening accounts in the last two years.

The bank sustained a strong top line growth with the asset base surging to N1.970 trillion from N1.753 trillion in the same period last year, representing 12.4 per cent increase.

Commenting on the bank’s H1 performance, Uzoma Dozie, Chief Executive Officer stated that despite the economic headwind, the Bank would remain resilient and sustain the positive growth throughout H2.