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Bank commits to service delivery, shareholder value

Diamond Bank has reaffirmed its commitment to quality service delivery, sustenance of strong fundamentals and stable profitability for its shareholders.
PHOTO: nigerianbulletin.com

PHOTO: nigerianbulletin.com

Diamond Bank has reaffirmed its commitment to quality service delivery, sustenance of strong fundamentals and stable profitability for its shareholders.

The bank, in a statement made available to the media, said that keeping in view with the 2015 full year results as approved by the Central Bank of Nigeria, the first quarter (Q1) 2016 results submitted to the Nigerian Stock Exchange (NSE) and the Securities and Exchange Commission (SEC) as well as the strategic roadmap for Q3 and Q4, its revenue yield and profitability will exceed analysts’ expectations and forecast.

In its operations in Q1, Q2 and extending into Q3 2016, it said it has continued to deploy new technologies and digital applications to drive financial inclusion, convenient banking, enhanced customer friendly services and its overall retail banking strategy that will enable it focus on driving non-interest income and strengthen explored opportunities to grow its market share.

These have positioned the Bank for a better future with strong expectation for improved financial performance in the rest of the business year.

In the bank’s Q1 2016 result presented to the NSE and SEC, Diamond Bank resiliently buoyed itself above sundry industry turbulences and posted PBT of N6.7 billion, averaging monthly PBT of N2.3 billion, thus scaling industry expectations and meeting the minimum target for its shareholders for the period under review.

In the first quarter of the financial year, the Bank displayed a strong will to reduce its operating costs and interest expense, which shrunk by 2.8 per cent and 10.3 per cent respectively compared to Q1 2015.

Diamond Bank’s Capital Adequacy Ratio submitted to the the NSE and SEC for Q1, 2016 stood at 16.2 per cent, which is 1.2 per cent higher than the CBN minimum requirement of 15 per cent, with the Bank’s liquidity position standing at 52.4 per cent, higher than the 30 per cent minimum requirement set by the CBN.

The bank also recorded an asset base of N1.8 trillion at the end of Q1, 2016, making the bank one of the 10 most solvent banks in Nigeria.

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