Diamond Bank reports 3.02% increase in gross earnings to N189.6bn

0
159
Diamond Bank

Diamond Bank Plc has announced 3.02 per cent increase in gross earnings in 2017 financial year results filed to The Nigerian Stock Exchange (NSE).

The financial institution gross earnings moved to N189.6 billion in 20017 as against N184..1 billion reported in 2016.

In a statement, the Chief Executive Officer, Diamond Bank, Mr. Uzoma Dozie said, Diamond Bank made good progress in executing its technology-led retail banking strategy in 2017.

“We increased our market share and drove scale through a combination of technology and expansion of our services across additional platforms. For instance, we made additional inroads to the unbanked and underbanked populations with the support of our international partners.

“In addition, the rapid rollout of products and services for entrepreneurs, and small and medium business owners gained significant traction and is a trend that is set to continue.

“The Bank’s Net fees and commission were down by 1.3per cent year-on-year although impairment charges also trended downwards 0.3per cent year-on-year to N56.8 billion following continued efforts to improve the quality of the loan book, particularly in the Oil and Gas mid-stream sector.

“Operating costs of the Bank rose by 6.2per cent due to foreign exchange rate impact following the devaluation of the naira during the year.

“At a macro level, the economic environment improved, albeit marginally. Against this backdrop and Nigeria’s broader positive fundamentals, we disposed of some non-core assets to optimise the use of our resources and focus on the significant potential of our domestic market.

“By taking this action, Diamond Bank is better positioned to accelerate its growth, productivity and profitability in the short to medium term,” Uzoma said.

The Bank recorded a decrease in profit before tax year-on-year because of higher operating expenses, although investments in technology are starting to drive operational efficiencies. Total asset increased by two per cent, which was mostly driven by marginal improvements recorded in customer deposits.

Diamond Bank reviewed ownership of non-core assets to focus on the significant opportunities in Nigeria, particularly in retail banking. This led to the divestment from Diamond Bank business in West Africa, with that in United Kingdom set to follow.

 

LEAVE A REPLY

Please enter your comment!
Please enter your name here