Friday, April 8, 2011

Diamond Bank records improved Operating Profit in its First Quarter 2011 results.

Diamond Bank Plc, the provider of comprehensive banking and other financial services to corporate and individual customers across Nigeria and Africa announces Group results for the three months ended 30 March, 2011.

According to statement by the Bank, the result shows a continued profitability in the Group’s Profit and Loss account, despite challenging environment. It said, its Operating Profit of N6.3 billion is an increase of 28.6% (N4.9 billion March 2010), while the Bank recorded a Net interest income of N12.3 billion, an increase of 20.6% (N10.2 billion March 2010), adding that its operating expenses was stable at N11.9 billion (N11.6 billion March, 2010).

Speaking on the released result, the Group Managing Director/CEO, Diamond Bank Plc, Alex Otti, commented: "Diamond bank has remained profitable in the first quarter of 2011, our operating profit has grown 28.6% against last year's Q1 levels on the back of growing revenues and a stable expense base. We have maintained our strong liquidity position and our risk asset quality continues to improve. As our retail banking push continues, our customer base is growing with recurring monthly fee income improving and our growing retail liabilities have reduced our overall cost of funds to 2.2% from 6.4%. The bank currently operates through 215 branches across the 36 states of Nigeria and we intend to increase this to 300 in the near future. When combined with the stable operating cost structure, and our upward trending operating income over the last three years, we can safely say that Diamond bank is well positioned to continue to be Nigeria's fastest growing retail bank. Despite our very positive operating performance, the group continued to experience headwind from legacy loans and losses on disposal of its non-core assets in 2011. The new management that assumed office in March 2011 is already taking steps to firmly resolve the legacy issues in the course of the current financial year, and set a new and significantly more profitable direction for the Group in 2012 and going forward.

Other Financial Highlights include a gross earnings of N20.3 billion, a year on year decrease of 17.1% (N24.5 billion March 2010)· It’s Profit before tax stood at N1.8 billion, a decrease of 10.0% (N2.0 billion March 2010) and a provision for loans and investment losses of N4.5 billion (N2.9 billion March 2010). Risk assets volume grew by 4.7% to N327.0 billion from N312 billion in December 2010 while its deposits volume grew by 8.9% to N448.5 billion from N412.0 billion in December 2010.

Tuesday, April 5, 2011

Diamond Bank Opens Business in Senegal

Diamond Bank Plc, one of the leading commercial banks in Nigeria has announced the commencement of its Senegal operations, adding that the presence ushers in a new phase in the Bank’s global expansion strategy and further emphasizes its vision of bringing world class banking services to all the francophone countries in the West African sub-region following its successful openings in the Republic of Benin.

In a statement made available to newsmen, the Head, Corporate Communications, Charles Udoh stated that the Bank will offer wholesale banking services, including structuring and funding of structured trade, project finance transactions, trade services business such as letters of credit, collections and guarantees, as well as arrangement of funding for group entities. “We are in Senegal to reaffirm our avowed commitment of bringing our full bouquet of life changing products which are tailor-made to meet the peculiar needs of the Bank’s various customers varying from corporate to retail products to the West Africa sub-region. We have made a statement in Nigeria, Republic of Benin and we are desirous of repeating it in Senegal as a leading bank that supports the growth and development of Small and Medium Scale Enterprises in the sub-region”, he said. Udoh further stated that for Diamond Bank, customer satisfaction and convenient service offering remains the primary reason for business, hence the Bank’s promise to continuously solve customer’ business problems with an absolute commitment to quality. The Bank was among the banks that pioneered online real time banking in the 1990s with its Diamond Integrated Banking Service (DIBS). Diamond Bank also spearheaded the drive towards a cashless society with the introduction of the Paycard, a cash purse which made it possible to securely carry large sums of money electronically.

Diamond Bank, established as a private liability company in 1991, presently operates more than 230 business offices in Nigeria with a subsidiary in the Republic of Benin, which was established in 2001 with over 20 business offices in Benin's key commercial centers.

Friday, April 1, 2011

Diamond Bank Announces Retirement of 13 Senior Staff

Diamond Bank Plc, the provider of comprehensive banking and other financial services to corporate and individual customers across Nigeria and Africa announces the retirement of 13 senior staff after varied years of commendable service to the Bank.

In a statement accredited to the Head, Corporate Communications, Charles Udoh, some of the retired staff had put in over 19 years of meritorious service to the Bank. “We are very proud of the achievements of each of these individuals and their significant contributions towards strengthening and sustaining Diamond Bank's brand" he said.

The statement further disclosed that the Bank went further to express the Board and Management's gratitude to all the retired staff for their invaluable contributions to the growth and development of the Bank for the past 19 years while wishing them success in their future endeavours.

According to Udoh, the retirement announcement brings to the fore Diamond bank’s robust human capital management policies that are tailored towards creating enabling environment for staff to achieve their career potentials without hindrances. “As employer of choice, the Bank has put in place policies that make the working environment friendly, conducive and encourage staff growth and development in the course of their duties. And that explains why staff could spend about 19 years in an organization that is just marking its 20th anniversary,” he said.


He disclosed that Diamond Bank has strong belief on the impact of work life balance on staff commitment, loyalty and productivity because it believes that when there is a balance between work and an employee’s family life, you have a motivated workforce and high performing team. In this respect, the Bank has continued to review its policies with a view to creating an enabling environment for its staff and this has been the catalyst for the Bank’s growth over the years.