Monday, July 16, 2012

DIAMOND BANK REMOVES ATM WITHDRAWAL FEES FOR CUSTOMERS


Diamond Bank PLC has announced that its customers will no longer pay a fee for withdrawals using a Diamond Debit card on other banks automated teller machines called (ATM). This unprecedented move has again reinforced the bank’s commitment towards customer satisfaction and its frontline role in driving innovation in the banking industry. Bank customers would usually be surcharged N100 for withdrawals from ATMs of competing banks. 

In a statement issued by the bank, Head, Corporate Communications, Ms. Akpo Daniyan stated that “the move is part of the bank’s strategic plan towards offering its customers more value for money and making banking more pleasurable and convenient. “Only Diamond Bank offers its customers free withdrawals from any ATM, anywhere in Nigeria. Our customers can carry out transactions with their Diamond Bank debit cards without paying a kobo.”

Ms. Daniyan confirmed that Diamond Bank customers do not pay any fees to sign up for a debit card; “With our savings products, customers have access to a free debit card, they do not pay any monthly subscription fees like most other banks customers do. We have taken it a step further since July 1 by telling our esteemed customers that they can freely use their Diamond debit cards on any other bank’s ATM and save the N100 they would have paid for each transaction. This means more convenience for less for all our customers, another great reason to bank with Diamond Bank.”  

 “At Diamond Bank, we continually seek ways of providing unequalled customer experience for our customers and the decision to embark on this free ATM withdrawal scheme is one of the ways we are achieving this,” stated Ms. Daniyan. 

Diamond Bank has a wide array of alternative delivery channels and electronic banking services, making the bank a frontline player in driving the cashless economy initiative of the Central Bank of Nigeria (CBN).

It will be recalled that Diamond Bank pioneered online real-time banking in 1992 with the introduction of DIBS, the Diamond Integrated Banking System, which enabled customers to conduct banking transactions from anywhere in Nigeria online real time.

The bank has remained a leader in technological innovations since then.

DIAMOND BANK GROWS PROFIT BY 413% TO N15.4BN IN Q2

Diamond Bank PLC has recorded improved financial performance with an impressive 413% increase in its financial performance according to the second quarter 2012 results released recently. This comes on the heels of a positive financial performance the bank recorded in its first quarter results. The recently released results showed that Diamond Bank posted a healthy Profit before Tax of N15.4 billion for the half year ended June 30, 2012 representing an increase of 413% compared to the N3.0 billion recorded in the corresponding period of 2011. 

Other details in the unaudited results released to the Nigerian Stock Exchange (NSE) show that Gross Earnings rose by 48.5% to N64.8 billion compared to N43.6 billion in the corresponding period of June 2011. The growth in the bottom line was driven mainly by fund-based revenue.

Commenting on the result, the Group Managing Director and Chief Executive Officer of the Bank, Dr. Alex Otti, said, “Our second quarter result is an indication that the balance sheet clean up exercise the bank embarked upon in December 2011 was a good choice. Our cost structure remained stable in Q2, with our risk indicators continuing to show sustainable asset quality improvements which adequately position the bank to deliver on target ROE by year end,” concluded Dr. Otti.

While the bank recorded a net interest income of N42.0billion, net operating expenses stood at N29.1 billion and profit before tax at N15.4 billion. These are significant improvements on the figures recorded a year ago where the bank achieved N24.5billion, N25.3billion and N3.0billion in net interest income, operating expenses and profit before tax respectively.

Diamond Bank’s Q2 2012 results also show improvement in various areas of the group balance sheet with total assets increasing by 12% to N960.1 billion (it recorded N855.3 billion in March 2012); deposits from customers increasing by 6% quarter on quarter to N679.3 billion (it recorded N641.1 billion in March 2012); and loans and advances to customers increasing by 6% quarter on quarter to N679.3 billion (it recorded N641.1 billion in March 2012) amongst others.

Diamond Bank has over the last one year embarked on a series of strategic initiatives set to reposition it for keener competition in the Nigeria Banking industry. These initiatives include the development of a robust risk management framework, implementation of sustainable banking initiatives, enhanced retail banking drive amongst others. The bank is currently referred to as a market leader in the retail banking segment with a host of offerings catering to different market segments. The bank’s net interest margin of 9% remains one of the best in the Nigerian Banking industry.

Diamond Bank PLC, is one of Nigeria’s foremost banks, providing comprehensive banking and other financial services to corporate and individual customers across Nigeria and West Africa.