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Q2, 2012 Earnings: Diamond Bank Shines with N 9.9 billion Net Income

By on July 12, 2012

Diamond Bank, a mid tier financial institution, transmitted its unaudited Q2, 2012 financial report to the Nigeria Stock Exchange (NSE) yesterday.

Financial Highlights from the Statements:

   Group Profit & Loss
·Net interest income of N42.0 billion up 71% (N24.5billion June 2011)
·Net operating expenses of N29.1 billion up 15% (N25.3billion in June 2011)
·Profit before tax of N15.4 billion up 413% (N3billion in June2011)
·Provisioning for bad debt of N10.1 billion (N11.2 billion in June 2011)
 Group Balance Sheet
·Loans and advances to customers N505.7 billion up 17% (N433.5 billion in March 2012) and up 29% (N392.0 billion in December 2011)
·Total Assets of N960.1 billion (up 12% from N855.3billion in March 2012) and up 20% (N802.7 billion in December 2011)
·Deposits from customers N679.3 billion (up 6% from N641.1 billion in March 2012) and up 13% (N603.0 billion in December 2011)
    Key Ratios and per share data
·Cost/income ratio 53%
·Capital adequacy of 12% for the Group and 14% for the Bank
·Loan/deposit ratio of 80%
·NPL ratio 7.6%
·ROAE of  22.2 % (annualised)
·Cost of Risk of 4.2% (annualised)
·Liquidity ratio of 40% (CBN Statutory minimum of 30%)
·EPS (diluted) of 137.84K
In a statement released by the bank, Dr. Alex Otti, Group Managing Director of Diamond Bank commented: “In Q2 we continued to build on the solid foundation we established following the completion of our balance sheet clean up in Dec 2011. We are reporting healthy asset growth (up 12% quarter on quarter) and have sustained strong deposit growth especially from the retail segment of the market. Our cost structure remained stable in Q2, with our risk indicators continuing to show sustainable asset quality improvements which adequately place the bank to deliver on target ROE by year end.”