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BANKING AND FINANCE

Diamond Bank Posts N1.25bn Profit Before Tax In Q1

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Diamond Bank Plc has recorded a profit before tax of N1.25 billion for the first quarter ended March 31, 2018.

The bank’s result on the Nigerian Stock Exchange (NSE), showed that profit before tax declined from N5.05 billion to N1.25 billion under the period review.

Also, profit after tax declined to N78 million from N4.29 billion achieved stood at 15 kobo from 16 kobo in 2017. The bank reported interest income of N38.13 billion for the first quarter ended March, 2018 as against N38.65 billion recorded first quarter, 2017.

Diamond Bank recorded a growth in its mobile banking revenue from N1.2 billion in first quarter, 2017 to N1.8 billion in first quarter, 2018. Increases were recorded in customer acquisition through digital channels with increases in active account ratios, and the proportion of customers’ transactions completed on its digital platforms.

Speaking on the results, chief executive officer of the bank, Mr. Uzoma Dozie said that at a macro level, the year has begun with positive indicators, such as growth in GDP, declining inflation and rising crude oil prices, saying that investor sentiment about the economy is becoming more positive as shown by the success of recent bond sales by the federal government.

He said: “We expect these positive trends to continue and I am confident that Diamond Bank is well positioned to capitalize on these, particularly having disposed non-core assets to focus on the Nigerian opportunity.

“2018 will see Diamond Bank invest more in emerging businesses through an expanded loan offering and support for different activities in trade, agriculture and manufacturing. As emerging businesses continue to flourish, we will also continue to develop services and products to support their needs.”




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