Diamond Bank Hits N1.92 Trillion in Asset

This modest growth is said to have been driven by 23.8% growth in deposit liabilities year-on-year. Deposit from customers also grew from N1.21 trillion in 2013 to N1.49 trillion as at December 31, 2014.

Speaking on the development, the bank’s Group Managing Director Mr. Uzoma Dozie  said it was achieved through successful implementation of strategy across the group.

The success he said translated in strong top line growth and an asset base that grew from N1.5 trillion to N1.9 trillion in 12 months.

“Gross earnings increased by 15.0% from N181.2 billion for the year ended December 31, 2013 to N208.4 billion in 2014, driven by efficient growth in the volume of business represented by increase in loan book, and investment securities following the impressive growth in customer deposits”, the bank said on its website.

The group also recorded 9.6% in net operating income from N116.3 billion in 2013 to N127.4 billion for the year ended December 31, 2014.

However profit before tax dropped by 12.5% from N32.1 billion in 2013 to N28.1 billion during the year under review.

Group loan to customers also recorded a growth of 14.8% from N689 billion as at December 31, 2013 to N791 billion at the end of  2014 financial year.

“Amidst regulatory headwinds that characterized the industry, and a dynamic macroeconomic environment, growth was recorded in operating income although our profit before tax declined from 2013 levels on the back of higher operating expenses and loan impairment charges”, Dozie said.

He  pledged to vigorously drive the implementation of alternative banking channels including digital banking.

“This will help to drive down operating costs as well as capture a significant share of new and existing bank account holders as well as a large portion of the unbanked. We are encouraged by these positive results and sustenance of our business growth, and affirm our commitment to continue delivering healthy shareholder returns in 2015 and beyond,” he said.

Capitalisation also improved by 50.5% during the year due to a combination of the impact of its highly successful rights issue concluded in the last quarter of 2014, as well as the capitalization of profits for the year ended December 31, 2014.

“ In effect, shareholders’ funds increased from N138.7 billion as at December 31, 2013 to N208.8 billion as at December 31, 2014. The strong capital base reflects the bank’s resilience and its preparedness to grow business in the future despite the implementation of Basel 2 and 3 by the Central Bank and the related high capitalization requirement”, he noted.