Diamond bank

The Nigerian Stock Exchange has published Diamond Bank Plc financial results for the nine months period ending 30th September, 2015 which showed a profit after tax of N15.967 billion down 20.9 per cent from N20.2 billion posted in the same period of 2014.

The results also showed revenue of N122.7 billion, a 2.2 per cent increase from N120.03 billion achieved in the same period of 2014.

Basic Earnings per share declined 56.8 per cent to N60 from N139 per share while the banks net assets grew 7.5 per cent from N209.03 billion to N224.6 billion.

Earlier, Diamond Bank’s half year (H1) results for the period ending 30th June 2015 in comparison with the same period of the previous year had shown decrease in the company’s earnings and profitability, as profit after tax (PAT) dropped by 12 per cent to N12.2 billion from N13.8 billion recorded in 2014.

Also reported then was a decline of 12 per cent in H1 profit before tax (PBT) to N14.2 billion from N16.1 billion in the previous period, while Basic earnings per share fell to 52 kobo from 95 kobo representing a decrease of 45 per cent.

The profit decline was attributed to a 6 per cent increase in the group’s total expenses which rose from N48.3 billion in 2014 to N51.2 billion in the periods under review.

Total comprehensive income for the period was however positive as it increased 2 per cent to N14.44 billion from N14.1 billion, while Interest income declined 1.6 per cent N45.573 billion from N46.333 billion.

The bank’s Statement of financial position showed that while Loans (net) increased 5 per cent to N794 billion from N756 billion in corresponding period of the prior year, customer deposit appreciated 3.4 per cent from N1.308 trillion to N1.353 trillion in 2014.

Total Assets increased 5 per cent to N1.83 trillion as against N1.74 trillion posted for the same period of 2014, while total shareholder equity rose 48.7 per cent from N148.6 billion to N221.1 billion.

By Pita Ochai


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