Diamond Bank grows revenue by six per cent in six months

FOR the six months (H1) ended June 30, 2015, Diamond Bank Plc has increased its revenue by six per cent to N103 billion from N96.8 billion recorded during the corresponding period in 2014.

Specifically, the bank’s unaudited half-year result released to the Nigerian Stock Exchange showed that the Bank posted a 6 per cent YoY growth in gross revenue from N96.8billion in H1 2014 to N103.0billion.

However, its profit after tax stood at N12.2 billion, lower than N13.8billion achieved during the corresponding period in 2014 position.

The bank’s capital adequacy ratio rose by 18.6 per cent, in excess of the Central Bank of Nigeria’s (CBN) required minimum, an indication of the bank’s preparedness for profitable business expansion

The Chief Executive Officer of the bank, Uzoma Dozie, said that the bank’s continued success in spite of regulatory headwinds is hinged on implementing strategies that promote sustainable growth and profitability in the long term.

According to the Dozie, the bank’s innovativeness, customer friendly services, and retail banking strategy are showing positive results, noting that this would enable the bank to sustain low cost of funds.

“In the quarters ahead, we will focus on driving non-interest income, as we continue to explore opportunities to grow our market share responsibly. We shall expand customer relationships, enhanced by our elaborate channels and excellent service delivery.”

He explained that the Group continues to deploy new technologies and digital applications to drive financial inclusion and convenient banking amidst a decline in the pace of economic activities and weak economic fundamentals.

He noted that although loans to customers increased by N2.6 billion, customer deposits, however, declined from N1.5 trillion to N1.4 trillion, reflecting the impact of the bank’s deliberate decision to improve the efficiency of its funding structure, and effect of implementation of Treasury Single Account (TSA) by the Federal Government and the Central Bank of Nigeria.

The bank’s focus, according to him, remains on retail banking and providing convenient and easy banking to the micro, small and medium-scale enterprises (MSME) segment.

He pointed out that the bank has continued to grow its corporate and mid-tier business segments.

“The concept of value chain management helps us to provide end-to-end solution to our corporate clients and ultimately improve value for both us and the customers”, he added.