Diamond Bank Plc released its 2014 Q1 results showing Net Interest Income grew 12% to N27.5billion (2013 Q1: N24.5billion) for the first quarter of the year. Key Highlights as follows
- Operating income rose 19% to N32.4billion compared to N27.2billion a year earlier
- Operating expenses however rose 25% to N23.2billion compared to N18.5billion a year earlier
- Pre-tax profit rose 5.8% to N9.2billion compared to N8.7billion a year earlier
- Customer deposits rose slightly by 2% between December 2013 and March 2014
- Loans and advances also increased by 3% in the last three months suggesting a likely aggressive lending year.
- Cost to income ratio by our estimate remained flat at 62%
- Instructive to note that the bank has now gone 5 straight quarters recording loan losses totaling about N28billion. In fact loan losses since 2011 is a whopping N100billion
Diamond Bank Q1 results was first released in the website of the NSE
