Di­a­mond Bank earns N157bn in nine months

Daily Trust - - BUSINESS - From Kay­ode Ogun­wale, La­gos

De­spite the reg­u­la­tory head­winds that im­pacted busi­ness op­er­a­tions in third quar­ter, Di­a­mond Bank Plc stayed fo­cused on strat­egy im­ple­men­ta­tion show­ing strong re­silience against the tide.

Show­cas­ing its nine months per­for­mance score­card, re­leased on the floor of the Nige­rian Stock Ex­change, the bank re­ported growth in to­tal rev­enue, which jumped from N151.6 bil­lion recorded dur­ing the same pe­riod in 2014 to N156.5 bil­lion, rep­re­sent­ing 3.2 per cent in­crease over the previous year. Also, the bank’s net in­ter­est in­come in­creased to N85.2 bil­lion against N82.6 bil­lion in the first nine months of 2014.

How­ever, the im­pact

of new reg­u­la­tion by the Cen­tral Bank of Nige­ria and the Fed­eral Govern­ment, es­pe­cially the change in Cash Re­serve Ra­tion (CRR) to 31 per cent and later 25 per cent as well as im­ple­men­ta­tion of the Trea­sury Sin­gle Ac­count con­tin­ued to be felt at the bank this partly caused a de­cline in de­posits by about N226 bil­lion and con­se­quently led to a drop in to­tal as­sets by 8.5 per cent year on year.

In his com­ments, the Chief Ex­ec­u­tive Of­fi­cer of the bank, Mr. Uzoma Dozie, high­lighted the trans­for­ma­tion the bank was go­ing through and re­mained pos­i­tive that reliance on in­no­va­tion, tech­nol­ogy and life­style pri­or­i­ties will drive bank­ing in the fu­ture and Di­a­mond is well po­si­tioned to take ad­van­tage of this.

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