HomeBusiness Diamond bank gross earnings by 82% in half-year
Diamond bank gross earnings by 82% in half-year
Written by vanguard
Thursday, 06 November 2008
Diamond Bank has released its financial results for half-year ended October 31st, 2008. The results indicate that the Bank’s gross earnings for the period was N45.9 billion, 82 per cent up from the N25.3 billion declared in the corresponding period of 2007.
In the unaudited results just made public, profit before taxation (PBT) for the period stood at N12.2 billion, an increase of 69 per cent over the N7.2 billion achieved in the first six months of previous year. This growth recorded in PBT underlines the profitable expansion of the Bank in recent times.
Announcing the results, the Bank’s Board of Directors affirmed that the performance trend would be improved upon in the second half of the financial year, barring unforeseen circumstances. With the expected improved earnings and profitability, the shareholders of the Bank are assured of good returns on their investment.
Commenting on the result Mr Emeka Onwuka, the Group Managing Director and Chief Executive Officer of the Bank stated “Our continued focus on maintaining a strong balance sheet to ensure our growth is well funded, combined with prudent lending and strict controls positions us well. Whilst the current global market conditions are incredibly tough, the Nigerian banking sector continues to demonstrate good growth due to the ever increasing demand for banking services by all our clients. We remain confident about the outlook for Diamond Bank and will continue to drive our profitable growth.”
In a statement released by the Bank, it maintained its commitment to running a responsive and responsible business anchored upon its heritage of values and high performance which has provided a firm foundation for all the successes recorded so far, adding that the impressive result of the last financial year strongly gave a significant impetus to present year’s performance as reflected in the half-year result.
It will be recalled that at the end of the Bank’s last financial year ended in April 2008, the total balance sheet size moved up by 86.6 percent to N840.3 billion. The growth was driven principally by 92.8 percent increase in customer deposits to N419.7 billion and 114.7 percent rise in shareholders’ funds to N116.1 billion; the latter resulting mainly from the Bank’s $500 million GDR offering of late-2007.
The growth in liabilities was largely utilized to fund the increase in loans and advances (including leases) at N270.3 billion which grew by 131.5 percent, and short-term investments which went up by 238.7 percent to N157.5 billion.
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