28 Oct 2011 13:23
Diamond Bank Plc
Unaudited results for the 9 months ended 30 September, 2011
DIAMOND BANK PLC REPORTS 25.0% INCREASE IN DEPOSITS
LAGOS, NIGERIA - 28 October, 2011 - 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, announces Group results for the third quarter ended 30, September 2011.
Speaking from headquarters in Lagos, Alex Otti, Group Managing Director of Diamond Bank,
commented: "Diamond Bank today announces further progress in our strategy as we look to grow the scope of our retail banking business as evidenced by a healthy growth in retail deposits. We continue to work through our provisions both on our NPLs and the impact of divestment from our non-banking subsidiaries. We are confident that we will have prudently provided for these by the end of 2011, setting a good foundation to allow us to continue executing our strategy in 2012 and beyond.
We continue to hold strong capital and liquidity ratios ensuring that we are well positioned as Nigeria's fastest growing retail bank to capture organic growth opportunities as they arise, enabling us to reach and service a broader mix of Nigeria's unbanked population. We continue to endeavour to transform the business, vigorously implementing risk management and other core business strategies as we forge a steady and sustainable path towards profit and the delivery of consistent returns to our shareholders."
Financial Highlights:
Group Profit & Loss
• Gross earnings of N68.3 billion, a year on year increase of 1.9% (N67.0 billion Sep. 2010)
• Net interest income of N39.9 billion, an increase of 11.5% (N35.8 billion Sep. 2010)
• Operating expenses of N40.2 billion, an increase of 16.5% (N34.5 billion Sep. 2010)
• Provision for losses of N20.2 billion, an increase of 66.9% (N12.1 billion Sep. 2010)
• Operating profit of N19.8 billion, an increase of 3.7% (N19.1 billion Sep. 2010)
• Profit / (Loss) before tax of (N0.4 billion), a decrease of 105.7% (N7.0 billion Sep. 2010)
Group Balance Sheet
• Total Assets Up 16.8% to N725.1 billion (N620.7 billion Sep. 2010, N594.8 billion Dec. 2010)
• Risk Assets up 27.8% to N386.4 billion (N302.3 billion Sep. 2010, N312.2 billion Dec. 2010)
• Customer deposits up 25.0% to N529.3 billion (N423.3 billion Sep. 2010, N412.0 billion Dec. 2010)
• Balance sheet size up 12.0% to N942.3 billion (N841.1 billion Sep. 2010, N823.6 billion Dec. 2010)
Key Ratios and per share data
• Cost/income ratio of 67.0%
• Capital adequacy of 16.6%
• Loan/deposit ratio of 78.2%
• NPL ratio at 11.5%
• ROAE of (0.9%)
• Liquidity ratio of 44.2% (CBN Statutory minimum of 30%)
• EPS of (6.5 kobo)
(For the detailed Profit and Loss Account, Balance Sheet, Cashflow statement and notes to the
accounts, please visit our website - www.diamondbank.com)
- ENDS -
Conference call for results:
Diamond Bank Plc (Bloomberg: DIAMONDB NL / Reuters DIAMONB.LG), the provider of comprehensive banking and other financial services to corporate and individual customers across Nigeria and Africa, will be hosting a teleconference call for analysts and investors on1st November at 4pm Lagos (3pm London / 11am New York / 5pm Johannesburg & Cape Town) with its senior management to discuss Diamond Bank Plc's results for the 9 months ended 30 September 2011. There will be an opportunity at the end of the call for management to take questions from investors and analysts.
The teleconference call facility can be accessed by dialling:
+44 (0)20 7136 2055 in the UK and for international
+1 212 444 0481 in the US
+27 11 019 7074 in South Africa
And then entering the following access code:
3406776
Participants should register for the call at least five minutes before the start of the presentation.
The presentation will be posted to Diamond Bank's website on the morning of 1st November, 2011 at www.diamondbank.com. For those who are unable to listen to the live call, a replay facility will be available until midnight 16th November by dialling +44 (0)20 7111 1244 (UK) and +1 347 366 9565 (US) and entering access code: 3406776#
For further information please contact:
Chiugo Ndubisi cndubisi@diamondbank.com +234 (1) 448 9832
Africa Practice / FTI
London:
Ed Gascoigne-Pees ed.gascoigne-pees@fd.com +44 (0)20 7269 7132
Kat Bloom kat.bloom@fd.com +44 (0)20 7269 7223
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 bouquet of 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.
* Diamond Bank's BBB+ rating by Fitch Ratings and A- rating by GCR, reflects the bank's sustainable
liquidity, sound and professional practices and good standing as a high investment grade institution.
More information can be found at www.diamondbankplc.com
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