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Diamond Bank revised 2012 ROE target to 15 percent

By on July 19, 2012

Diamond Bank has raised its return on equity (ROE) target for 2012 to 15 percent from 10 percent, the lender said on Wednesday.

The mid-tier lender last week announced a fourfold increase in half-year pretax profit to 9.99 billion naira ($62 million), boosting its share price which has gained 24 percent so far this year.

The lender said it had raised $100 million in tier 2 capital from a multilateral agency in June, and it expected further capital injections by the end of the year, which it said will increase its capital adequacy ratio to 17 percent in 2012 from 15.2 percent.