Diamond Bank Posts Loss In 3Q Earnings Numbers
Diamond Bank has reported a loss for the period ending September 2011 due to corporate restructuring exercises including making more funds available for potential debt defaulters.
Earnings were up a marginal 1.9% to N 68 Billion from N 67 Billion in Q3 2010.
Profit Before Tax was down 106% to –N425 Million Naira from N 7 Billion in Q3, 2010.
Net Profit was down 114% to –N 703 Million from N 4.8 Billion in Q3, 2010.
The bank took a hit due to increase in provision for losses that were up 67.5% to N 20 Billion in the period.
The bank’s loan book increased 23.8% to N 380 Billion from N 307 Billion in the same period last year.
Deposits were up 28% to N 529 Billion from N 412 Billion in 3Q, 2010.
Alex Otti, MD of the bank said in a statement released along with the financial statements, “We continue to work through our provisions both on our NPLs (non-performing loans) and the impact of divestment from our non-banking subsidiaries.”
The company’s stock was down 1.6% to N 3.55 at the end of today’s trading.
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