July 11, 2016 7:20 AM / Diamond Bank
Despite the harsh operating environment and strict regulatory framework which calls for caution in the financial industry, Diamond Bank reaffirms its commitment to quality service delivery, sustenance of strong fundamentals and stable profitability for its shareholders.
In a press release made available to the media, the Bank stated that keeping in view with the 2015 full year results as approved by the Central Bank of Nigeria, the Q1 2016 results submitted to the Nigerian Stock Exchange (NSE) and the Securities and Exchange Commission (SEC) as well as the strategic roadmap for Q3 and Q4, its revenue yield and profitability will exceed analysts’ expectations and forecast.
In its operations in Q1, Q2 and extending into Q3 2016, the Bank has continued to deploy new technologies and digital applications to drive financial inclusion, convenient banking, enhanced customer friendly services and its overall retail banking strategy that will enable it focus on driving non-interest income and strengthen explored opportunities to grow its market share. These have positioned the Bank for a better future with strong expectation for improved financial performance in the rest of the business year.
In the Bank’s Q1 2016 result presented to the NSE and SEC, Diamond Bank resiliently buoyed itself above sundry industry turbulences and posted PBT of N6.7bn, averaging monthly PBT of N2.3bn, thus scaling industry expectations and meeting the minimum target for its shareholders for the period under review.
In the first quarter of the financial year, the Bank displayed a strong will to reduce its operating costs and interest expense, which shrunk by 2.8% and 10.3% respectively compared to Q1 2015.
Diamond Bank’s Capital Adequacy Ratio submitted to the the NSE and SEC for Q1, 2016 stood at 16.2%, which is 1.2% higher than the CBN minimum requirement of 15%, with the Bank’s liquidity position standing at 52.4%, higher than the 30% minimum requirement set by the CBN. The Bank also recorded an asset base of N1,821.6 billion at the end of Q1, 2016, making the Bank one of the 10 most solvent banks in Nigeria.
As a “systemically important bank” in Nigeria, Diamond Bank Plc has continued to maintain its global relevance as a financial service provider with a strong and focused management; and is rated one of the biggest banks in the world in the latest Top 1000 World Bank ranking by Financial Times. Diamond Bank Plc, standing as the 6th biggest bank in Nigeria, 20th biggest bank in Africa and 711th biggest Bank in the world, according to the latest ranking, is one of the most liquid and capitalised financial institutions in Nigeria.
According to the Bank’s chief spokesperson, Ayona Trimnell, “Diamond Bank in the last half decade, has continued to sustain strong fundamentals, expand its operational offices across the country, improve on its service delivery, increase its revenue yield and maintain stable profitability for its shareholders”.
Diamond Bank Plc is Nigeria's fastest growing retail bank, leveraging innovation and technology to enhance customer experiences and drive financial inclusion in what it terms Beyond Banking.
Since incorporation in December 1990, Diamond Bank has challenged the market environment by introducing new products, innovative technology and setting new benchmarks through international standards. Today, Diamond Bank is best placed to respond to changing lifestyles and is leading the digital transformation in response to these societal shifts. Diamond Mobile app, for example, is Africa's leading banking app and the first with the touch ID feature.
1.Diamond Bank Lowered To B- C On Reduced Earnings and Rising FX Liquidity Risk
2. Diamond Bank downgraded to a SELL following Investor Conference Call Today
3. DIAMONDBNK Q4 15 Q1 16 Earnings Presentation The key takeaways
4. DIAMONDBNK Q1 16 Results - Loan Loss Provisions Still Running High
5. DIAMONDBNK Declares N5.76 billion PAT in Q1 2016 Result SP N1.42k