Diamond Bank’s gross earnings hit N217bn; as profit drops by 77.8%

Diamond Bank has posted gross earnings of N217.091 billion in its 2015 operations against N208.402 billion achieved in the corresponding period in 2014.
Specifically, the bank’s audited result for the period ended December 1, 2015 showed gross earnings of N217.091 billion, up from N208.402 billion posted in 2014.
The banks profit before tax, however declined from N28.10 billion in 2014 to N 7.1 billion during the year under review.
The bank’s profit after tax also stood at N5.66 billion, down from N25.49 billion recorded in 2014.
According to a statement from the bank, net operating stood income stood at N104.64 billion, compared to N127.38 billion in 2014.
The bank improved on its operating cost and interest expense by recording a reduction of 0.5 per cent and 6 per cent respectively in 2015 compared to N65,341,524 and N51,553,435 in 2014.
The Bank earlier issued profit guidance after prudent provisioning of N55.2 billion impairment charge and the installation of mitigating actions that would address the impact of current economic headwinds to deliver improved earnings and lower operating costs, thus, setting forth a clear and realisable business roadmap that would promote stronger and sustainable growth in 2016 and the years ahead.
“Although the ripple effects of the Central Bank of Nigeria’s regulation and the Federal Government, especially the change in Cash Reserve Ratio (CRR) to 31per cent and later 25 per cent as well as implementation of the Treasury Single Account continued to be felt at the Bank and the industry generally, these partly caused a decline in customer deposits by 17 per cent and consequently led to a drop in total assets to N1.7 trillion from N1.9 trillion year on year.”