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Diamond Bank grows earnings to N72.4 billion

DIAMOND Bank Plc for the first nine months of its 2008/2009 financial year has grown its earnings to N72.4 billion.
According to the profit and loss statement for the period ended 31 January, 2009, made public by the bank, its gross earnings grew by 74 from N41.7 billion in the corresponding period of the last year to N72.4 billion. The bank also recorded a profit before tax of N19.8 billion for this nine months period. This is a 65 increase in profits from N11.966 billion recorded in the corresponding period last year.

Going by these results, industry watchers have projected that the bank would exceed its performance projections for the full year and continue the trend of rewarding its investors with both dividend and bonus payment annually.

According to bank\'s Group Managing Director, Mr. Emeka Onwuka, this impressive scorecard is testimony to the bank\'s steadfast commitment to quality service delivery, professionalism, transparency and accountability. He also noted these factors have also been the secret of the bank\'s recent successful forays into Francophone West Africa.

Diamond Bank has over the years maintained a preeminent position as a major player in the Nigerian financial service industry through its consistent remarkable achievements.

The bank had earlier emerged as the best bank in mergers and acquisition following the seamless takeover and integration of former Lion Bank in 2005, adjudged to be the 1st acquisition consummated by any bank in Nigeria during the banking consolidation.

Also, the bank in 2008, became the first African Bank to be listed on the Professional Securities Market (PSM) of the London Stock Exchange (LSE) following the official listing of its $500 million Global Depositary Receipts (GDRs). The bank is also the first Nigerian financial institution to venture into Francophone West Africa with the establishment of a subsidiary in Republic of Benin.

As part of its universal banking strategy, Diamond Bank has investments in promising financial services sub-sectors, including insurance, mortgages, and pension fund custodianship. Over the years, these have improved the growth, earning mix, profitability, and investor value of the bank.

Similarly, the bank has remained firmly focused on achieving its mission of providing world class solutions to its customers. -ngrguardiannews

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