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Diamond Bank fails to offer dividend, despite N22.1b profit

By on April 10, 2013

The board of Diamond Bank Plc, on Tuesday presented its 2012 audited results showing that earnings rose 34.8 per cent to N112.35 billion from N83.36 billion, while profit stood at N27.48 billion from a loss of N17.964 billion in the 2011 financial year.

Profit after tax stood at N22.108 billion, compared to the N13.723 billion reported in 2011, representing a 258.6 per cent growth. Despite, this rebound however, the directors did not propose a dividend, to the chagrin of investors, following which it lost 70 kobo, representing a maximum 10 per cent price slash allowed for the daily trading session.

Mobil Oil also presented its audited result indicating a turnover of N80.801 billion, up from N62.099 billion, following which PBT fell from N5.999 billion at the end of 2011, to last year’s N4.076 billion. Net profit also fell by N1.204 billion or 29.49 per cent to N2.878 billion, compared with previous year’s N4.082 billion.

Meanwhile the market closed in the red on Tuesday, as market capitalisation fell by N230.833 billion to close at N10.910 trillion from N11.141 trillion on Monday, while the All-Share Index slumped by 721.24 basis points or 2.07 per cent to close at 34,089.01.

FBNH depreciated by 135 kobo; followed by FBN Holdings 100 kobo loss, just like Cement Company of Northern Nigeria; United Bank for Africa shed 80 kobo; while Access Bank dropped 74 kobo.

Others on the laggards’ table were Diamond Bank which slipped 70 kobo; Nigerian Aviation Handling Company lost 36 kobo; Eterna Oil dropped 35 kobo; Fidelity Bank depreciated by 29 kobo; while Costain West Africa went down by 26 kobo; among others.

Nigerian Breweries led 21 others on the gainers’ table when it grabbed 602 kobo; Nestle appreciated by 300 kobo; Unilever gained 192 kobo; BOC Gases added 79 kobo; while Ashaka Cement notched 50 kobo. Others were University Press which increased by 40 kobo; Union Bank, 30 kobo; PZ Cussons, 20 kobo.

However, investors traded in a total of 408.197 million shares, valued at N4.595 billion in 6,914 transactions as against 492.811million shares, valued at N5.191 billion in 6,380 transactions recorded on Monday.

 

 

[Daily Independent]