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Diamond Bank Posts N13.8 Billion Half Year Profit

August 4, 2014

Diamond Bank Plc has said it realised a profit after tax of N13.8 billion in its unaudited results for the six months ended June 30, 2014. This represents a year-on-year increase by nine per cent, compared to the N12.6 billion recorded in the comparable period of 2013.

The bank's gross earnings also climbed to N98.3 billion as at June this year, compared to the N86.5 billion it stood as at the end of June 2013, just as its profit before tax was N16.1 billion.

However, while Diamond Bank's interest income increased to N78.7 billion as at June this year, from N70.1 billion last year, its interest expense increased to N23.3 billion in the period under review, from N18.6 billion last year.

Commenting on the results, the bank's Group Managing Director/Chief Executive Officer, Dr. Alex Otti said the bank maintained its business focus to deliver and surpass set targets.

According to Otti, the financial performance demonstrated the bank's ability to improve on its success in previous years despite regulatory headwinds.

Furthermore, the results showed that the bank also grew its total income from N11.9 billion in 2013 to N14.1 billion in the period under review. The bank showed good appetite in funding the real sector as its loans and advances to customers were up by 10 per cent to N756 billion, from N689 billion the previous year.

Its total assets stood at N1.7 trillion, up by 15 per cent, from the N1.5 trillion it was as at December 2013. Similarly, deposits from customers rose to N1.3 trillion, up by eight per cent, as against the N1.2 trillion it was as at December 2013.

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Source: AllAfrica

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