Banking
Diamond Bank Scores High in H1
The H1 2016 performance scorecard of Diamond Bank Plc on the floor of the Nigerian Stock Exchange (NSE) has been released and it shows a considerable growth in key financial parameters.
Analysts and industry watchers had, because of the harsh macroeconomic outlook, forecasted sluggish growth and greyed result for the period, but the interim report and accounts of the bank for the first six months of the year surpassed industry expectations as total comprehensive income rose by 13.3 per cent year on year to N16.3 billion as against N14.4 billion recorded in comparable period of 2015.
Non-interest income surged by 33.4% to N26.5 billion, reflecting the successful efforts targeted at improving this income line and also the focused strategy of management, which were sharpened at improving digital functionality and widening financial inclusion.
Profit Before Tax (PBT) remained modest and stable at N10.5 billion while Profit After Tax (PAT) stood at N9.1 billion, thus meeting shareholders’ expectation for the period under review and showcasing the strategic strength of the management creatively configured to surmount the turbulent macroeconomic environment and the tough regulatory framework facing the financial services sub-sector.
The Bank improved on its credit creation by 28.6 per cent as loans and advances to customers grew from N763.6 billion in the same period last business year to N982.3 billion. Also, loans to other banks jumped by 30.7 per cent to N78.5 billion in H1 2016 from N60.1 billion in the corresponding period last year, while its retail customers grew to over 13 million with 7 million of these opening accounts in the last 2 years.
Also, the Banks digital leadership in the financial services sub-sector gained ascendency as its Diamond Mobile Apps usage increased from 1.6 million to 5.1 million while volume increased from 1.3 billion to 5.5 billion year on year.
The Bank sustained a strong top line growth with the asset base surging to N1.970 trillion from N1.753 trillion in the same period last year, representing 12.4 per cent increase.
Commenting on the Bank’s H1 performance, Uzoma Dozie, Chief Executive Officer stated that despite the economic headwind, the Bank would remain resilient and sustain the positive growth throughout H2.
According to him, the Bank’s strong liquidity and capital adequacy ratios plus its digital transformation have rightly positioned it to meet customer obligations and offer service deliveries that are beyond banking.
He said: “With the domestic economy contracting, the Nigerian banking industry has faced a number of challenges over the last six months.
Nevertheless, in the first half of 2016, we have remained resilient in weathering these headwinds and there are real bright spots in our income streams, as well as noteworthy cost reduction, which gives us confidence going into the second half of the year.
Due to actions taken and an ongoing prudent approach, our regulatory capital remains strong. This position of strength helped offset the one-off impact of the recent devaluation of the naira, as acknowledged by Fitch Ratings when they affirmed our B rating with a stable outlook. Liquidity of the bank also remains high and is well above the guidance ratio stipulated by CBN.
Although year on year impairment charge grew by 45.6 per cent to N19.0 billion, reflecting the Bank’s continuation of prudent provisioning, which is aimed at strengthening performance in the years ahead; its operating costs and interest expense are shrunk by 10.7% and 27.5% respectively compared to H1 2015, reflecting success of the cost control initiative and low cost deposit strategy.
Speaking further, Dozie stated that despite the catalogue of challenges facing the sub-sector, which were exacerbated by the recent devaluation of the naira and foreign exchange scarcity, culminating in backlog of unpaid salaries and wages for individuals, Diamond Bank has continued a diligent implementation of its focus on curtailing cost.
According to him, this has resulted in 10.7% reduction in operating expenses and 3.8% drop in employee benefit expenses for the period under review.
The Bank also integrated further its retail offering and the supporting infrastructure with the opportunities created by its value chain marketing approach in the corporate and business banking segments.
“In the last few months, evidence has shown that the new strategy and initiatives to curtail costs are proving successful and are reflected in the bank’s financial indicators. This is reassuring. Year on year, costs came in lower and as we conclude the organizational restructure, we expect to harvest more savings from operational and employee expenses.
The primary benefits of this however are the resources that we have freed up to provide improved services to customers. Having done this, we are optimistic that the Bank is in the right markets and has the wherewithal to excel and create value for shareholders in the long run,” stated Dozie.
By Aduragbemi Omiyale
In 2025, Access Holdings Plc lowered its operational emissions by 28.47 per cent by growing its green asset portfolio to N92.15 billion, though still far from its N475 billion target.
Details of its 2025 Sustainability Report showed that operational emissions fell to 49,352 tonnes of carbon dioxide equivalent from 57,176 tonnes in 2024, supported primarily by branch solarisation across 263 locations and the deployment of 323 solar-powered ATMs, largely across Access Bank in Nigeria.
The organisation applies the operational-control approach under the Greenhouse Gas Protocol, accounting for emissions across its African footprint, with Access Bank representing the largest share.
The report reinforces its strategic shift from scale to value by showing how sustainability is being embedded in capital allocation, risk management, product development and operations.
During the year, Access Holdings deployed N72.3 billion under its Sustainable Finance Framework to eligible environmentally beneficial projects and grew its cumulative sustainability-focused loan book to $1.269 billion.
Beyond environmental outcomes, the report highlights the group’s contribution to inclusive economic participation.
In 2025, Access Holdings extended access to finance to 2,528,117 low-income individuals and onboarded 78,438 new MSMEs onto its financing platform.
Across the institution, 2.8 billion transactions were processed during the year, underscoring its role as core financial infrastructure for Africa’s real
economy. Gender-lens lending also progressed, with 354,156 loans extended to women and women-owned businesses, totalling N67.4 billion, equivalent to 24 per cent of the relevant loan portfolio.
Its Corporate Social Investment programmes reached 2,439,480 beneficiaries across education, health, entrepreneurship and the environment, delivered with partners, including UNICEF, HACEY Health Initiative and the Kenya Forest Service.
Employees recorded 359,500 volunteer hours with 100 per cent participation, while more than 50,000 trees were planted. The group notes that 2025 community figures follow a board-mandated tightening of its impact-measurement methodology and are not directly comparable with prior years. Women represent 49 per cent of the workforce, and the Access Holdings board comprised nine directors with 44.4 per cent female representation. Employee satisfaction rose to 87 per cent against an 80 per cent target, while attrition eased from about 13 per cent to about 11 per cent.
For the second straight year, Access Holdings reported zero material regulatory penalties relating to sustainability and zero cybersecurity breaches.
It mobilised $185.38 million, equivalent to N266.83 billion, in concessional funding from development finance institutions during the year and allocated a sustainability budget of N4.8 billion from profit before tax.
Sales-facing staff in the banking subsidiary carry green-portfolio targets within their individual performance measures, linking strategic sustainability goals to day-to-day execution across governance, strategy, risk management, capital allocation, products and operations.
To strengthen credibility and comparability, the report was prepared using the IFRS Sustainability Disclosure Standards, specifically IFRS S1 and IFRS S2, as the primary framework, with the GRI Standards (2021) and the SASB Standards applied as complementary references.
“Our 2025 Sustainability Report reflects the discipline with which we are converting scale into value. We reduced operational emissions by 28.47 per cent,
grew our green asset portfolio to N92.14 billion and extended financial access to about 2.5 million low-income individuals.
“These outcomes show that sustainability is not separate from our business; it is central to how we create value, manage risk and support inclusive growth across Africa,” the chief executive of Access Holdings, Mr Innocent Ike, stated.
Looking ahead, the company promised to deepen the measurable impact of its sustainability agenda, accelerate the transition of its portfolio towards low-carbon and climate-resilient assets, and grow the green asset portfolio towards the N475 billion target.
By Adedapo Adesanya
The Nigeria Deposit Insurance Corporation (NDIC) says it has paid the insured deposits of about 700,000 customers of the defunct Heritage Bank and has commenced the reimbursement of depositors of 46 microfinance banks (MFBs) whose operating licences were recently revoked by the Central Bank of Nigeria (CBN).
The chief executive of NDIC, Mr Oludare Sunday, made this known on Wednesday during a retreat for members of the House of Representatives Committee on Insurance and Actuarial Matters in Lagos.
He said the corporation immediately began settling the insured deposits of customers after the CBN revoked the licences of the 46 microfinance banks and appointed the NDIC as their provisional liquidator.
“We are working on those. The CBN revoked the licences, and we were appointed as the provisional liquidator. We have started paying depositors of those banks, and gradually we intend to cover all the insured depositors,” he said.
Mr Sunday explained that the NDIC’s responsibility extends beyond paying insured deposits to recovering outstanding loans owed to the failed institutions and disposing of their assets to generate funds for the settlement of uninsured depositors.
“Our function as liquidator involves the payment of guaranteed sums. Thereafter, we go after those who owe the institutions and have not paid. We also ensure that we sell the available assets and realise their investments towards paying the uninsured portion of the deposits. So, we have started paying the guaranteed deposits. What we are doing now is also realising the assets of those institutions,” he stated.
Although he declined to disclose the exact number of depositors of the failed microfinance banks who had been reimbursed, Sunday said the Corporation was working with the Nigerian Interbank Settlement System (NIBSS) to identify depositors through their Bank Verification Numbers (BVN) to ensure seamless payments.
“So, the more accounts we discover, the more payments we make,” he added.
Providing an update on the liquidation of Heritage Bank, the NDIC chief said about 700,000 depositors had already received their insured deposits, while efforts were ongoing to trace other customers whose identities could not be verified from available records.
He attributed the challenge to legacy accounts created before the introduction of the BVN system, as well as incomplete customer records inherited from banks that were later merged into Heritage Bank.
“If you know Heritage Bank, you know it is an amalgamation of several banks, including the acquisition of Enterprise Bank in 2014. So, if you think of banks like Guardian Express and Spring Bank, they are all part of Heritage Bank.
“There are depositors we have not been able to trace, and this is an opportunity for them to come forward. I am sure many of us did the National Youth Service Corps (NYSC) and may have left some money in an account, but there was no BVN then.
“Even the addresses we had were sometimes things like ‘opposite filling station.’ How do you trace such a person? Once they come forward, and for those we have been able to identify from the institution’s database, we have been paying them,” he explained.
Mr Sunday added that the Corporation would continue to recover outstanding loans and dispose of Heritage Bank’s assets to generate funds for the payment of liquidation dividends to depositors whose balances exceeded the insured limit.
Earlier in his remarks, he described the NDIC as a critical pillar of Nigeria’s financial safety net, stressing the need for stronger collaboration between regulators and the National Assembly as the banking sector responds to recapitalisation efforts and rapid financial technology developments.
According to him, while the ongoing banking recapitalisation programme has strengthened the resilience of financial institutions, it must be complemented by sound corporate governance, effective risk management, strict regulatory compliance and robust supervision to safeguard long-term financial system stability.
He also disclosed that more than 98 per cent of depositors, representing over 281 million accounts across insured financial institutions, are fully protected under the NDIC’s deposit insurance scheme.
By Adedapo Adesanya
Zenith Bank Plc is investigating an incident involving unauthorised access to customers’ data, noting that the breach does not involve financial information and has not compromised its banking services or digital channels.
In an email sent to customers on Wednesday, the bank stated that the incident was part of a broader global cyberattack affecting multiple international organisations across various sectors.
The lender stated that it immediately activated its incident response protocols and intensified its cybersecurity and remediation efforts upon discovering the incident.
“This incident is part of a broader, global cyber-attack targeting multiple international organisations across various sectors. Upon discovery, we promptly activated our incident response protocols, cybersecurity actions and remediation efforts,” the bank said.
The bank reassured customers that its banking services and digital channels remain secure and fully operational.
As a precautionary measure, Zenith Bank advised customers to remain alert to potential phishing attempts and other forms of social engineering.
“As a precaution, we encourage our customers to remain vigilant against phishing emails, text messages, or phone calls, and never to disclose their password, PIN, One-Time Password (OTP), or other security credentials to anyone,” the bank said.
The incident is the latest in a series of cybersecurity challenges facing Nigerian financial institutions, with banks in recent months suspending their social media operations over impersonation and other fraudulent activities.
Earlier in April, the Nigeria Data Protection Commission (NDPC) said it was investigating alleged data breaches involving Sterling Bank, Remita and the Corporate Affairs Commission (CAC).
Nigerian banks have long been prime targets for cybercriminals because of the vast amounts of customer data and financial transactions they handle every day.
While many attacks have traditionally sought to steal funds, cybercriminals are increasingly targeting personal information, which can be used for identity theft, phishing schemes, account takeovers and other forms of financial fraud.
Cybersecurity threats have increasingly targeted Nigerian banks in recent years. In 2025, Union Bank of Nigeria warned customers about fraudulent websites and phishing campaigns designed to steal login credentials and personal information by impersonating the bank.
In August 2024, Guaranty Trust Bank experienced a domain-related security incident that temporarily disrupted access to its official website, although the lender assured customers that their deposits and banking services remained secure while it resolved the issue.
