Diamond Bank has recorded a 12 per cent decline in Profit before Tax (PBT) for the year ended December 31, 2014. PBT fell from N32 billion in 2013 to N28.1 billion in 2014 while gross improved by 15 per cent from N181.2 billion to N208.4 billion in 2014.
While Deposit from customers grew from N1.21 billion in 2013 to N1.49 billion in 2014. The directors of the bank recommended a dividend of 10 kobo per share.
Group Managing Director and Chief Executive Officer, Mr. Uzoma Dozie while speaking on the results said “We at Diamond Bank are pleased to announce continued success in implementing our strategy across the group, following another year of strong top line growth and an asset base that grew from N1.5 trillion to N1.9 trillion in 12 months.
“Although our profit before tax declined from 2013 levels on the back of higher operating expenses and loan impairment charges.”
He also added that the bank’s capitalisation improved significantly by 50.5 per cent during the year.
He said “In effect, shareholders’ funds increased from N138.7 billion as at December 31, 2013 to N208.8 billion as at December 31, 2014. The strong capital base reflects the bank’s resilience and its preparedness to grow business in the future despite the implementation of Basel 2 and 3 by the central bank and the related high capitalization requirement.”
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