Diamond Bank to Pay 30k Cash Dividend Per Share to shareholders

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Diamond Bank

From Benjamin a ameh, Lagos

Diamond Bank Plc has proposed a cash dividend of 30 kobo per 50 kobo share to shareholders for the financial year ended December 31, 2013.

The 22nd  Annual  General  Meeting  (AGM) will  afford  the management  the  opportunity  to  formally  present  to  the shareholders the Bank’s financial report for the year under review. For the period under review, the bank recorded excellent financial performance with a double digit return on equity as it announced a 16.7 per cent increase in profit before tax to N32.1billion.

Group Managing Director/Chief Executive Officer of the Bank, Dr. Alex Otti, stated “We are pleased to announce that Diamond Bank has exceeded its N30 billion profit guidance to return a profit before tax of N32 billion in 2013. This result is rooted in our strength to attract low-cost deposits and deploy these into various assets at profitable yet acceptable risk levels”.

While the bank achieved a net interest income of N104.6billion (up 17.1 per cent from N89.3billion recorded in 2012), it generated interest and similar income of N143.1 billion (up 27.3 per cent from N112.4billion earned in 2012).

In the same vein, Diamond Bank Plc has just released its first quarter (Q1) result, posting a 34.4 per cent increase in profit which grew to N8.44 billion in the first three months of 2014 in contrast to the N6.28 billion it recorded in the first quarter of its 2013 financial year.

The board of directors in unaudited result released to capital market community through the Nigerian Stock Exchange (NSE) showed an interest income of N38.24 billion, a 13 per cent improvement over the N33.83 billion recorded in the comparable period of 2013.

Net interest income rose by 12 per cent to N27.49 billion compared to the N24.51 billion which it made in the first three months of 2013 while profit before tax (PBT) grew in the three months period by 5.8 per cent from N8.73 billion to N9.24 billion.

The bank’s Q1 results showed a 15.3 per cent in interest expense which rose from N9.23 billion to N10.75 billion. Likewise, total expenses had risen to N23.2 billion from the N18.55 billion which it spent in Q1 2013.

This was sustained by a 116.7 per cent growth in other operating expenses which had grown to N13.63 billion as against N6.29 billion. The bank had in the first three months of 2014 spent N8.03 billion on personal expenses, 36.8 per cent higher than the N5.87 billion spent in the comparable period of 2013.

During the first three months of 2014 Diamond Bank’s loans book improved as loans and advances grew to N712.21 billion compared to the N689.16 billion which it gave out in the comparable period of 2013.

Deposits also improved as it rose to N1.23 trillion as against N1.20 trillion. Total liabilities had grown to N1.43 billion from N1.38 billion, while total assets stood at N1.58 trillion from N1.51 trillion.


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