Diamond Bank grows N168Bn profit in 9 months

Diamond Bank Plc has laid its Q3 2017 financial scorecard on the floor of the Nigerian Stock Exchange (NSE), displaying moderate growth in key financial parameters despite the lull trailing economic activity after the country exited recession.

For the nine months business period, the Bank’s gross earnings jumped by 11 per cent year-on-year to N168.4 billion while profit before tax surged by 71 per cent to N6.7 billion.

Impairment charges shrunk by 16 per cent to N35.3 billion year-onyear, reflecting management’s prudent approach to loan underwriting.

Although operating costs rose by 16 per cent to N54.3 billion from N46.7 billion in the corresponding period last year; this increase, according to the Bank, is due to the huge investment in technology acquisition in line with the management’s strategic set goal to continue to lead the digital revolution in driving the development and delivery of world-class financial products and services in the sub-sector.

Commenting about the results, Chief Executive Officer, Uzoma Dozie, stated that the Bank’s modest growth in the last three business quarters under review despite the lull in economic activity and hazy operating environment, was the result of management’s focus on key strategic projections across the three core segments of retail, business and corporate banking.