1st Quarter Results

Diamond Bank Plc

Reissue of First Quarter results for the three months ended 31 March 2012 Reflecting International Financial Reporting Standards (IFRS)

DIAMOND BANK PLC REPORTS CONTINUED OPERATING PERFORMANCE IMPROVEMENTS IN FIRST QUARTER 2012

LAGOS, NIGERIA - 16 May 2012 Diamond Bank Plc, (Bloomberg: DIAMONDB NL) ("Diamond Bank" or the "Bank"), the provider of comprehensive banking and other financial services to corporate and individual customers across Nigeria and Africa reissues Group results for the three months ended 30 March 2012, in order to reflect IFRS.

Chief Executive Officer of Diamond Bank Plc Dr. Alex Otti commented: "Our first quarter results prepared based on the International Financial Reporting Standards (IFRS) shows a consistent improvement in PBT growth implying that we are on track towards delivering significant ROE in 2012.This is also consistent with our results prepared based on Nigerian General Accepted Accounting Practice (NGAAP). As our retail banking push continues, our customer base is growing with recurring monthly fee income improving, and our growing retail liabilities have continued to sustain our low cost of funds.We have shown that our industry leading net interest margin is sustainable and that our operating efficiency is robust and yielding strong operating performance. We are delighted by these encouraging figures and will continue to maintain focus on growing our operating profitability at acceptable risk levels that ensure we deliver steady and growing returns to our shareholders in 2012 and the years ahead."

The Bank's balance sheet clean-up is complete, with cost of risk returning to acceptable levels. Diamond bank intend to maintain focus on growing operating profitability at acceptable risk levels to ensure growing returns to our shareholders in 2012 and the years ahead.

The result of IFRS compliance has affected the profit and loss account and a reduction in the overall balance sheet size.

Financial Highlights

Group Profit & Loss

·; Net interest income of N20.2 billion (N18.1 billion in Nigerian GAAP)

·; Operating expenses at N13.5 billion (N13.4 billion in Nigerian GAAP)

·; Profit before tax of N7.8 billion (N7.5 billion in Nigeria GAAP)

Group Balance Sheet

·; Cash balances with central banks N61.8 billion (N61.7 billion in Nigerian GAAP)

·; Loans and advances to banks N92.7 billion, same as Nigerian GAAP

·; Loans and advances to customers N433.5 billion (N440.3 billion in Nigerian GAAP)

·; Total Assets of N855.3 billion (N858.3 billion in Nigerian GAAP)

·; Deposits from banks N7.1 billion, same as Nigerian GAAP

·; Deposits from customers N641.1 billion (N640.1 billion in Nigerian GAAP)

(For the detailed Profit and Loss Account, Balance Sheet, Cashflow statement and notes to the accounts, please visit our website - www.diamondbank.com)

- ENDS -

Africa Practice / FTI Consulting

London:

Ed Gascoigne-Pees ed.gascoigne-pees@fticonsulting.com +44 (0)20 7269 7132

Hazel Stevenson hazel.stevenson@fticonsulting.com +44 (0)20 7269 7103

Lagos:

Nick Chambers nchambers@africapractice.com +234 813 574 3544

Oberhi Majoroh omajoroh@africapractice.com +234 805 193 7592

Notes to editors:

About Diamond Bank plc

Diamond Bank Plc began as a private limited liability company on March 21, 1991 (the company was incorporated on December 20, 1990). Ten years later, in February 2001, it became a universal bank. In January 2005, following a highly successful Private Placement share offer which substantially raised the Bank's equity base, Diamond Bank became a public limited company. In May 2005, the Bank was listed on The Nigerian Stock Exchange.

Today, Diamond Bank is one of the leading banks in Nigeria - respected for its excellent service delivery, driven by innovation and operating on the most advanced banking technology platform in the market. Diamond Bank has over the years leveraged on its underlying resilience to grow its asset base and to successfully retain its key business relationships.

We have retained excellent banking relationships with a number of well-known international banks, allowing us to provide a rangeof world class banking services to suit the business needs of our clients. These international banking partners include Citibank; HSBC Bank; ANZ Banking Group; ING BHF Bank AG; Standard Chartered Bank; Belgolaise Bank S.A; Deutsche Bank; Commerzbank; and Nordea Bank Plc.

More information can be found at www.diamondbankplc.com