Diamond Bank Nets N18.2 billion in Third Quarter Earnings Report

Alex-Otti-MD-Diamond-Bank

Diamond bank released its third quarter unaudited financial statements to the Nigerian Stock Exchange yesterday.

The company reported gross earnings of N110 billion, up 48% from the N75 billion recorded over the same period last year.

The mid-tier bank also reported a 435% increase in profit before tax which arrived at N23.2 billion, in sharp contrast to the N7 billion in losses reported over the same period last year.

Net income came in at N18.2 billion, an improvement of 397%, over the N6.1 billion loss it booked after the third quarter last year.

Credit Growth was 38% as the bank’s balance sheet showed it had extended N539.5 billion to its customers at the end of the third quarter as against N392 billion at the same period last year.

Deposits also swelled 29% to N777 billion, up from N603 billion at the same period in 2011.

The bank’s stock gained 10% at the close of trading on the NSE yesterday to close at N4.07.

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