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2014 Q1 Results: Diamond Bank Post N9.2billion Pre-Tax Profits (5.8% Increase YoY)

Nairametrics by Nairametrics
April 11, 2014
in Blurb
2014 Q1 Results: Diamond Bank Post N9.2billion Pre-Tax Profits (5.8% Increase YoY)
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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

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Nairametrics

Nairametrics is Nigeria's top business news and financial analysis website. We focus on providing resources that help small businesses and retail investors make better investing decisions. Nairametrics is updated daily by a team of professionals. Post updated as "Nairametrics" are published by our Editorial Board.

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