Diamond Bank grows assets to N2tr in Q1 2017

Diamond Bank in a statement last week posted that the lender’s interest and similar income grew by 27 per cent to N44.5 billion year-on-year, while the asset base leapfrogged to N2.07 trillion from N2.049 per cent, representing 1.2 per cent with personal operating cost shrinking by 3 per cent, reflecting management’s prudent resource use.

The Bank’s performance scorecard for the first three months of the business year as made available to journalists on the floor of the Exchange, reflects strong growth in asset base, customer base, quality service delivery, product development and deployment of cutting-edge technology to drive its operations.

According to the Group Managing Director, Mr Uzoma Dozie, despite the inclement operating environment that clouded the period under review, the gains of the last business year especially in customer acquisition, product development and the deepening of the Bank’s retail strategy, helped in drilling a seamless business foothold and expansion in all market segments.

He said: “building upon positive momentum in 2016, Diamond Bank commenced 2017 focused on harnessing further benefits from its technology-led retail strategy.

In particular, the Bank continued to focus on cost containment, driving operational efficiencies, and the roll-out of technology and innovation to improve customer experiences and access to financial services.

The Bank’s strategy to expand reach and service through digital channels has helped customers connect to new markets…”

A look at the unaudited financial statement for business activities ended Friday, March 31, 2017 show that Profit before Tax (PBT) declined to N5.6 billion from N6.6 billion in the previous year while the Bank grew its interest
income year on year to N44.5 billion, representing an increase of 27 per cent.

As a reinforcement of the management’s determination to let go of sundry asset liabilities and consolidate on its business growth trajectory, the Bank prudently set aside NI0.5 billion as impairment charge for the period, represent an increase of 20% year on year.

This, according to the Bank, will help stimulate and sustain the strong will to continue to grow, strengthen and maintain its leadership and dominance of the retail market space and firm grip of the micro, small and medium-scale enterprises (MSME) segment.

According to Dozie, Diamond Bank is solidly committed to growing its corporate and mid-tier market segment in the business year and the years ahead, pointing that the Bank has outlined detailed strategies that are helping to leverage the current business momentum in the economy.

“Since the beginning of 2017, there have been positive developments in the wider economy which we believe will translate to greater productivity in the months ahead.

For example, the inflation rate is beginning to recede and there appears to be more foreign exchange available to stimulate trade, though the quantum of unmet demand is still high. Against this economic background, our streams of income remain resilient”.