Diamond Bank suffered N11.55 billion loss in 2017

Diamond Bank suffered N11.55 billion loss in 2017

Nigeria’s mid-sized lender, Diamond Bank Plc said it made a loss before tax totaling N11.55 billion for the full year period of 2017.

The result marks a negative period for the bank given that it reported a profit before tax of N3.37 in 2016.

Diamond Bank said its gross earnings for the period rose to N189.62 billion compared to N184.05 billion reported in 2016.

Despite selling off its unit in London, the bank would require more structural reform in its business model to get back into profitability as a result of its large non-performing loan portfolio.