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Home Opinions Blurb

Diamond Bank Stuns Shareholders with Worst Quarterly Result Since 2012

Research Team by Research Team
July 24, 2015
in Blurb, Spotlight
Diamond Bank Stuns Shareholders with Worst Quarterly Result Since 2012
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  • Diamond Bank Plc released its 2015 half year results showing earnings per share dropped year on year by 45% to N0.52 (2015 H1: N0.95)
  • The Bank in its second quarter result posted Net Interest Income of N29.7billion 3.2% higher than the N28.8 billion it posted in the first quarter of the year.
  • However, the bank saw income from commissions and fees rise 14% to N9.5billion.
  • Things however went south for the bank after it posted an operating expense of N27 billion (N24.1billion).
  • Diamond Bank also continued to take in impairment charges recording another N6.5billion this quarter alone. Most of its provisions have come from bad overdraft loans
  • The Bank has now provided for a cumulative loan loss of N65billion since Q1 2013.
  • We also noted that the bank’s deposits dropped significantly by 9% to N1.4trillion
  • Also of note was the fact that the bank lent about 18.7% of its Loans and Advances to other banks.
  • See press release
Diamond Bank   
2015Q1Q2%age Change
 N’mN’m 
Income Statement   
    
Gross Earnings  #DIV/0!
Interest Income       40,487          42,677 5.41%
Interest Expense     (11,642)       (12,902)10.83%
Net Interest Income       28,846          29,775 3.22%
Exchange Commissions and Fees         8,362            9,578 14.54%
Investment & Other Income         1,822                  83 -95.45%
    
Total Operating Income       39,029          39,436 1.04%
Operating Expenses     (24,195)       (27,030)11.72%
Operating Profit       14,835          12,406 -16.37%
Loan Impairment       (6,468)         (6,580)1.75%
Share of Profit/(Loss) of associate                 –                      –    
Profit from discontinued operations                    –    
Profit before Tax         8,367            5,826 -30.37%
Taxation       (1,200)             (839)-30.07%
Profit after tax         7,168            4,987 -30.42%
Tax as a %age of PBT14.34%14.40% 
Indices   
EPS (Kobo)                    
Oustanding Shares   23,160.39     23,160.39  
Interest Margin71.2%69.8%2.12%
Operating profit as a percentage of Operating Income38.0%31.5%20.82%
Cost to Income Ratio62.0%68.5%-9.56%
Loan Impairment to Operating Profit43.6%53.0%-17.80%

 

Tags: Diamond BankNigerian Company Results
Research Team

Research Team

The Research Team at Nairametrics meticulously monitors, gathers, curates, and administers an extensive repository of both macroeconomic and microeconomic data originating from Nigeria and across Africa. Utilizing a variety of presentation formats—including documents, tables, and charts—our analysts disseminate key findings through the Nairametrics platform. Additionally, we regularly release insightful, research-driven articles that offer in-depth analyses of economic trends and indicators.

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Comments 2

  1. Ogus says:
    July 25, 2015 at 4:02 pm

    I’m wondering why EPS increased on the table ! Likely error.
    I’m expecting further bearish sentiment to weigh on Diamond ! They are missing their former MD.

    Reply
    • Nairametrics says:
      July 25, 2015 at 6:44 pm

      It is an error. Corrected

      Reply

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