31 Jul 2013 12:38
Diamond Bank Plc
Half-year Results for the period ended 30 June 2013
DIAMOND BANK PLC ANNOUNCES 29% GROWTH IN OPERATING INCOME UNDERPINNED BY GROWTH IN BALANCE SHEET
LAGOS, NIGERIA - [31 July 2013] - Diamond Bank Plc, (Bloomberg: DIAMONDB NL/ Reuters: DIAMONB.LG) ("Diamond Bank" or the "Group"), the provider of comprehensive banking and other financial services to corporate and individual customers across Nigeria and Africa announces its financial results for the period ended 30 June 2013.
Speaking from the headquarters in Lagos, Dr. Alex Otti, Group Managing Director/CEO of Diamond Bank commented: "We are proud of this latest set of results which underline the sustainable financial robustness we have achieved following our consistent growth and overall balance sheet efficiency.
Our innovative and customer friendly services enable us to access a faster growing share of Nigeria's newly emerging bankable population while maintaining our strong net interest margin in an increasingly competitive environment.
With a Retail product innovation strategy that is showing positive results, the achievement of sustainable growth and consistent sound risk management practices, Diamond Bank is now on a more solid foundation to continue delivering sustainable returns in 2013 and beyond."
Financial Highlights
Group Profit & Loss -
·; Interest Income of N70.1 billion, an increase of 35% (N52.1 billion June 2012)
·; Net interest income of N51.4 billion, an increase of 22% (N42.0 billion June 2012)
·; Operating income of N57.2 billion up 29% (N44.5 billion June 2012)
·; Profit before tax of N17.6 billion up 14% (N15.4 billion June 2012)
Group Balance Sheet -
·; Loans to customers up 7% to N624.5 billion (N585.2 billion December 2012)
·; Deposits from customers up 13% to N1.03 trillion (N910 billion December 2012)
·; Total Assets up 13% to N1.3 trillion (N1.2 trillion December 2012)
Key Ratios -
·; Capital Adequacy Ratio of 16.5% (17.3% Dec 2012)
·; Loan to deposit ratio at 63.2% (67.1% Dec 2012)
·; Liquidity ratio of 48.2% (42.3% Dec 2012)
·; Cost of risk 3.1% (3.3% Dec 2012)
·; Coverage Ratio of 103.1% (88.9% Dec 2012)
·; Net Interest Margin of 8.8% (10.5% Jun 2012)
·; Cost to income ratio of 59.1% (60.6% Dec 2012)
·; NPL ratio of 4.1 % (4.7 % Dec 2012)
·; ROAE of 22.0% (22.7% Dec 2012)
·; EPS of 167.98(k)
For the detailed Profit and Loss account, Balance Sheet, Cashflow statement and notes to accounts, please visit our website - http://www.diamondbank.com/index.php/investor-relations
- ENDS-
For further information please contact:
Abdulrahman Yinusa abyinusa@diamondbank.com +234 (1) 448 9842
Chiugo Ndubisi cndubisi@diamondbank.com +234 (1) 448 9832
Africa Practice
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.
More information can be found at www.diamondbank.com