One of Nigeria’s fastest growing retail bank, Diamond Bank Plc is expected to conclude the sale of its United Kingdom subsidiary before the year, 2018 runs out.
This was made known by the Managing Director/Chief Executive Officer, Diamond Bank, Uzoma Dozie.
The mid-tier lender had already struck a deal with British industrialist Sanjeev Gupta earlier this year.
More so, the bank, according to Reuters, expects loans to grow 5 percent by the end of the year after credit declined in first half.
The bank had revealed that the sale was in line with the bank’s objective of streamlining its operations and focus its resources on the immense opportunities in Nigeria’s retail banking market.
Dozie noted that the bank’s strategic objective is to become the fastest growing, and most profitable technology-driven retail banking franchise in the country.
Recall that the bank, in 2017, sold its West African banking operations in order to focus on Nigeria’s significant retail banking opportunity.
In a statement made available to the public, the bank agreed to sell its operations in Benin, Togo, Cote d’Ivoire and Senegal to Manzi Finances S.A., a Cote d’Ivoire-based financial services holding company.
Diamond Bank, had in May, 2018, released its financial statements for the year ended 31 December 2017.
Gross earnings increased from ₦184.1 billion in 2016 to ₦189.6 billion in 2017. This represents a 3% increase year-on-year.
Loss Before Tax for the bank during the year ended December 2017 is ₦11.5 billion as against a profit before tax of ₦3.36 billion in full-year 2016.
The bank made a loss after tax of ₦9.01 billion during the year ended December 2017 as against a profit after tax of ₦3.49 billion in full-year 2016.
Diamond Bank reported a Loss per share of 56kobo in 2017 compared to earnings per share of 9 kobo in 2016.
The lender is currently trading at N1.23 at the Nigerian Stock Exchange (NSE) market.
In June, 2018, the bank sought to convert its current international banking license to a national banking license.
The conversion is expected to happen latest in December, 2018.
About Diamond Bank Plc
Diamond Bank Plc is one of the leading Nigerian financial services company, which commenced operations as a private limited liability company on March 21, 1991. In May 2005, it was listed on The Nigerian Stock Exchange.
Today, Diamond Bank Plc a leading retail bank in Nigeria. A lead driver of financial inclusion, providing enhanced customer experience through innovation and technology. Regarded as supporter of lifestyle trends, its mobile banking app, “Diamond Mobile”, currently has over 2 million active subscribers on its platform. Diamond Bank has over the years leveraged its underlying resilience to grow its asset base and to retain its key business relationships.
It has also played a leading role in partnering with domestic and International bodies such as Women’s World Banking, The Gates Foundation, MTN, etc. to create easy access to financial services for the unbanked. We have cultivated excellent banking relationships with well-known international banks, allowing us to provide a range of world class banking services to suit the business needs of our clients.