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Diamond Bank Plc has reported 25.51 per cent drop in profit after tax for the half year ended June 2016.
The financial statement released to the Nigerian Stock Exchange (NSE) showed that the group recorded a profit after tax of N9.053 billion during the half year as against N12. 154 billion posted in 2015.
The group’s profit before tax stood at N10.485 billion in 2016 from N14.193 billion reported a year earlier, accounting for a drop of 26.12 per cent. However, total comprehensive income rose by 13.3 per cent year on year to N16.3 billion as against N14.4 billion recorded in comparable period of 2015.
Non-interest income grew by 33.4 per cent to N26.5 billion. The bank’s credit creation rose by 28.6 per cent, as loans and advances to customers grew from N763.6 billion in the same period last year to N982.3 billion. Also, loans to other banks grew by 30.7 per cent to N78.5 billion in H1 2016 from N60.1 billion in the corresponding period last year.
Commenting on the Bank’s H1 performance, Uzoma Dozie, Chief Executive Officer, stated that despite the economic headwind, the bank would remain resilient and sustain the positive growth throughout H2.
He said the lender’s strong liquidity and capital adequacy ratios plus its digital transformation have rightly positioned it to meet customer obligations and offer service deliveries that are beyond banking.
The financial statement released to the Nigerian Stock Exchange (NSE) showed that the group recorded a profit after tax of N9.053 billion during the half year as against N12. 154 billion posted in 2015.
The group’s profit before tax stood at N10.485 billion in 2016 from N14.193 billion reported a year earlier, accounting for a drop of 26.12 per cent. However, total comprehensive income rose by 13.3 per cent year on year to N16.3 billion as against N14.4 billion recorded in comparable period of 2015.
Non-interest income grew by 33.4 per cent to N26.5 billion. The bank’s credit creation rose by 28.6 per cent, as loans and advances to customers grew from N763.6 billion in the same period last year to N982.3 billion. Also, loans to other banks grew by 30.7 per cent to N78.5 billion in H1 2016 from N60.1 billion in the corresponding period last year.
Commenting on the Bank’s H1 performance, Uzoma Dozie, Chief Executive Officer, stated that despite the economic headwind, the bank would remain resilient and sustain the positive growth throughout H2.
He said the lender’s strong liquidity and capital adequacy ratios plus its digital transformation have rightly positioned it to meet customer obligations and offer service deliveries that are beyond banking.
