Diamond Bank’s Q3 Net Profit Fell To NGN3.5 Billion

Diamond Bank

Diamond Bank PLC said its net profit for the third quarter of the year fell to NGN3,5 billion.

It is a huge fall going by the fact that the company declared NGN15,9 billion last year.

The group performed better than the bank as its net profit for the quarter fell to NGN13,1 billion versus NGN17,9 billion reported for the group last year.

Interest and similar income of the group fell to NGN107 billion from NGN122 billion posted last year.

The group’s impairment charge for credit losses increased to NGN40, billion from NGN19,4 billion incurred last year. Diamond Bank as a company provided for NGN39,6 billion in impairment credit losses versus NGN18,3 billion provided for last year.

Diamond Bank reported that its group asset increased to NGN2,0 trillion for the quarter compared to NGN1,7 bilion disclosed last year. Total liabilities have also increased to NGN1,8 billion. Last year, the group’s liabilities was NGN1,5 trillion.

Corporate information

Diamond Bank Plc (the “Bank”) was incorporated in Nigeria as a private limited liability company on 20 March 1990. In February 2005, following a highly successful private placement share offer which substantially raised the Bank’s equity base, Diamond Bank became a public limited liability company.

The address of its corporate office is PGD’s Place, Plot 4, Block V,BIS Way, Oniru Estate, Lekki, Lagos. The principal activity of the Bank is the provision of banking and other financial services to corporate and individual customers. Diamond Bank provides a full range of financial services including investment, commercial and retail banking, securities dealing and custodian services.

Diamond Bank Nigeria Plc operates through subsidiaries, including Diamond Pension Fund Custodians, Diamond Bank du Benin SA, Diamond Bank Cote D’voire, Diamond Bank Senegal and Diamond Bank Togo, and Diamond Bank UK Limited. In addition, Diamond Bank Nigeria Plc incorporated two structured entities, Stitching Diamond Finance and Diamond Finance BV, for the purpose of facilitating foreign currency borrowing arrangements.