Diamond bank has been appointed a forum member adviser of the World Economic Forum (WEF). The appointment marks the first time a Nigerian company will be appointed. Dimaond bank is the second African company to become a WEF forum adviser. Membership of the forum is on an invitation only basis. The bank made this known in a press statement posted on its website.
Diamond bank Managing Director Uzoma Dozie will also be part of a panel on entitled A Shared Vision for Financial Inclusion.
About the World Economic Forum
The World Economic Forum was founded by Klaus Schwab in 1971. The forum’s mission is too improve the state of the world by engaging business, political, academic, and other leaders of society to shape global, regional, and industry agendas. WEF is popularly known for its annual meeting held in Davos which brings together thousands of leaders in business, government and leadership to brainstorm on topical issues.
Diamond Bank Plc was incorporated on December 20, 1990 but began operations as a private limited liability company on March 21, 1991. In February 2001, it became a universal bank, and in 2005 became a public limited liability after a private placement. The bank was listed on the Nigerian Stock Exchange in May 2005.
Results for the 9 month ended October 2017, interest income increased from N107 billion in 2016 to N132 billion in 2017. Profit before tax increased from N3.8 billion in 2016 to N6.6 billion in 2017. Diamond bank closed at N1.98 in yesterday’s session on the Nigerian Stock Exchange, up 32% year to date.
Diamond bank had recently sold its stake in branches outside the country for €61 million. In addition, the bank had recently announced its intentions to dispose of non-core assets in Nigeria. Proceeds from the sale will be used to boost its capital adequacy requirements. CEO Uzoma Dozie had recently indicated that the bank would turn its focus to retail lending.