Diamond Bank said on Wednesday it will seek shareholders’ approval to raise additional capital up to $750 million or its naira equivalent at its general meeting on April 24.
In a notice to shareholders, the bank said a portion of the fresh capital will come from a rights issue to existing shareholders, witout saying how much.
Diamond Bank PLC has continued on the path of excellent financial performance, delivering a double digit return on equity as it announced a 16.7% increase in profit before tax to N32.1billion for the full year ended December 31, 2013. On the back of the very good performance, the bank has proposed a dividend of 30k per 50k ordinary shares.
In a statement released from its head office in Lagos, Group Managing Director / Chief Executive Officer of the Bank, Dr. Alex Otti, stated “We are pleased to announce that Diamond Bank has exceeded its N30 billion profit guidance to return a profit before tax of N32 billion in 2013. This result is rooted in our strength to attract low-cost deposits and deploy these into various assets at profitable yet acceptable risk levels”.
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