Diamond Bank Records N27.6bn Profit

Diamond Bank Plc’s Group audited results for the 12 months ended 31 December 2010 has shown that the bank sustained its growth in operating profit which improved by 12 per cent to N27.6 billion in the year under review as against the N24.6 billion achieved in December 2009.

A statement from the bank Tuesday also showed that its operating income appreciated by 8 per cent to N74.2 billion, compared with the N68.8 billion realised in December 2009.

The bank attributed the growth observed in the result to continued buoyancy in low-cost deposits and cost efficiency gains, emanating from its process re-engineering initiatives implemented over the last two years.

According to the statement, the Diamond Bank Group made a provision of N22.9billion and a profit before tax of N4.8 billion which is a leap from loss of N12.4 billion in the previous 8-months financial year.  It further said that the Group recorded a profit after tax of N1.3 billion from a loss of N8.2billion in the 8-months ended December 2009.

The statement quoted the Group Managing Director and Chief Executive Officer, Diamond Bank, Dr. Alex Otti, to have said: “These improving results and our return to profitability are as a result of our employee’s hard work over the past few years.  As the new Managing Director of the Group, I am in the exciting position of leading a Bank that has taken tough actions to strengthen its platform and now have the opportunity to become one of Nigeria’s top performing banks by 2012.”

“I have identified a number of key strategic initiatives that need to be addressed in order for us to reach our goal and I look forward to working with the Group to deliver top quartile returns for our shareholders, consistent service excellence and making our Company an employer of choice in all areas of expertise.”

Source : Thisday