Macroeconomic headwinds are biting hard in Nigeria without any signs of abating, as Diamond Bank Plc has issued a profit warning that its Full year results will falter.
A statement issued by the tier 2 lender, made available on the website of the Nigeria Stock Exchange (NSE), says it expects lower earnings in its unreleased 2015 audited financial statement. This is due to higher-than-expected impairment charges on loans made to the energy and commercial business segment.
“In light of these deteriorating conditions, and subsequent review of Diamond Bank Plc’s management accounts for the financial year ended December 31, 2015, preliminary indications are that earnings will be lower than in 2014,” the bank said.