Diamond Bank PLC has announced its 2013 Quarter 3 results, reporting a 10 per cent growth in profit before tax when compared to the corresponding period of 2012. The bank posted a profit before tax of N25.6 billion.
In a statement released to newsmen from its corporate head office in Lagos, the Group Managing Director and Chief Executive Officer of the Bank, Dr. Alex Otti, stated that the bank was delighted by the positive results as it demonstrated sustainable growth in its business. He added that the impressive figures were driven mainly by the wide acceptance of the Bank’s products.
According to Dr Otti, “We at Diamond Bank are pleased to report continued success in implementing our strategy across the group as demonstrated by sustained growth in our balance sheet and profitability. Our innovative product offerings have continued to gain traction and availed the Bank access to a larger portion of the un(der)banked population, with total deposits from customers increasing 17% from our December 2012 levels.”
Diamond Bank’s Q3 2013 results show improvement in various areas of the group balance sheet for the first nine months of the year with total assets increasing by 17 per cent to N1.3 trillion; loans and advances to customers increasing by 17 per cent to N681.8 billion; and a nine per cent decline in non-performing loans ratio amongst others.
It will be recalled that in the course of the year the bank embarked on a number of initiatives in a bid to consolidate its market leadership in the retail banking space and further improve on its performance. These include the launch of the Agency Banking model – the BETA product, in partnership with Women’s World Banking (WWB); the launch of a dedicated proposition targeted at secondary and primary schools –the Diamond School Xpress Proposition; and the signing of a Memorandum of Understanding with a leading telecoms services operator for the launch of a hybrid bank account –the Diamond Y’ello Account. “We are delighted by these positive results and the achievement of sustainable growth in our business. Our sound risk management practices combined with the alignment of the Bank’s service, control and other support functions have facilitated excellent service delivery across our market segments and positioned Diamond Bank to continue delivering sustainable returns at acceptable risk levels going forward,” concluded Dr. Otti.
Diamond Bank Plc is one of Nigeria’s leading banks, providing financial services to corporate and individual customers across Nigeria, West Africa and the United Kingdom.