Nigeria’s Diamond Bank Sees a 29 percent Growth in Profit

Nigeria’s Diamond Bank has seen its Profit After Tax (PAT) grow 29 percent in 2013, soaring N6.4 billion ($38.8 million) from 2012 figure of N22.1 billion ($134 million) to 28.5 billion ($172.8 million) last year.  According to the bank’s GMD, Dr. Alex Otti, “Despite the challenging operating environment, we continue to advance our competitive advantage with above industry balance sheet growth.”

Mr. Otti went on to say, “We will continue to explore all opportunities to grow our business and market share responsibly as we leverage on our growing customer relationships.”   Its financial results also showed a Profit Before Tax (PBT) of N32.1 billion ($194.7 million) for 2013, largely achieved on the back of gross earnings of N181.2 billion ($1.09 billion), an increase of 27 percent over N143.0 billion ($867.2 million) earned in the previous year.

According to the Dr. Otti, profit before tax exceed the predetermined estimates of N30 billion ($181.9 million).  “This result is rooted in our strength to attract low-cost deposits and deploy these into various assets at profitable yet acceptable risk levels,” he added. Following the positive results, Diamond Bank’s Board has proposed a 30kobo ($0.002) per share dividend payment to shareholders.

Incorporated in 1990, the Lagos-based bank has grown into one of Nigeria’s foremost financial institutions, operating more than 240 branches locally, with subsidiaries in neighboring countries including Togo, Benin, Senegal, Cote d’Ivoire as well as overseas business in the United Kingdom.