Banking
Diamond Bank Soars Higher As Assets Hit N2.05tr In Q3 2016
By Modupe Gbadeyanka
On Friday, Diamond Bank released its Q3 2016 performance scorecard on the floor of the Nigerian Stock Exchange (NSE), showcasing moderate growth in key financial parameters.
According to the financial results for the nine months under review, the group recorded a growth of 16.9 percent in total assets, which grew from N1.753 trillion in the same period last year to N2.05 trillion.
Diamond Bank explained that this was driven mainly by the value of the local currency and growth in customer deposits, which surged 13.6 percent from N1.233 billion as at the end of September 2015 to N1.401 billion in the current business year, demonstrating its strong ability and network to generate cheap deposits from the retail and middle market segments.
Also, the Bank grew its loan portfolio from N763.634 billion to N1.041 trillion, representing 36.4 percent increase.
Commenting on the results, Chief Executive Officer of Diamond Bank, Mr Uzoma Dozie, stated that the Bank’s modest growth in the last nine months despite the inclement operating environment, was the result of management’s focus on key strategic projections across the three core segments of retail, business and corporate banking, noting that the Bank will continue to passionately pursue its technology-driven retail strategy to optimise cost and reap predictable bountiful results in the medium to long term.
Mr Uzoma said, “We believe the macro conditions and other external factors will remain challenging for the rest of the year and well into 2017.
“However, by pursuing our technology-led retail strategy and with our focus on innovation and scalability, we believe the Bank is well-placed to benefit in the medium to long term from the favourable fundamentals in Nigeria, namely a large population, many of which remain unbanked.
“This strategy stands to benefit all stakeholders, including our shareholders and customers in the long run.”
Monetarists and analysts had, amidst the regulatory headwinds that characterized the industry in the last nine months, and the catalogue of macroeconomic challenges rocking the economy, predicted greyed results in the industry.
But despite analysts’ predictions, Diamond Bank recorded strong growth in non-interest income, which leapfrogged by 38.1 percent to N37.6 billion.
The Bank grew its retail customer base to over 13 million, while the use of its mobile app by customers continues to grow as transaction count increased from 4.3 million to 7.9 million with volume surging from N4.3 billion to N8.5 billion year on year.
Also, the restructuring of the bank which started in Q1 2016 continues to yield results in terms of strategic focus, quality service delivery and cost containment.
For example, the result show that through prudent allocation of resources, operating costs and interest expense shrank by 2.5 percent and 22.8 percent respectively.
Although total comprehensive income declined by 26.3 percent year on year to N13.2 billion, with profit before tax shrinking to N3.5 billion on the back of impairment charges as the bank opted for prudent provisioning by cleansing its books of assets with poor quality, thus paving the way for operational efficiencyg and improved earnings for the business years ahead.
Speaking further on the performance of the Bank, the Bank’s CEO said, “The economic environment has also impacted business and industry as a whole, particularly those in the oil and gas sector. For Diamond Bank, this has translated to elevated impairment charges for the third quarter, as we push for a healthier loan book and to comply with regulations.”
The Bank maintained very stable and modest growth in its capital adequacy and liquidity ratios, with 15.6 per cent and 39.4 per cent, which towers above the regulatory requirements of 15 per cent and 30 per cent respectively. This was reaffirmed in the current ‘B’ rating of the Bank by Fitch Ratings, with Stable Outlook for Short-term and Long-term Foreign Currency Issuer Default Ratings (IDR).
According to Fitch Ratings, the Bank’s National Long-term Rating at ‘BBB+ (nga)’ indicates Diamond Bank’s capacity to meet financial commitments, subject to the country’s business and economic environment.
Reiterating Fitch Ratings, the CEO said that the Bank’s fundamental has remained stable and strong. “Our regulatory capital remains strong. Liquidity of the bank also remains high and is well above the guidance ratio stipulated by CBN. As we predicted, 2016 is proving to be particularly challenging for the banking industry owing to an interplay of economic headwinds, industry developments and stricter regulation. Nevertheless, we have remained focused on our technology-led retail strategy, building our core business, and developing the platforms and relationships to achieve and manage scale in the future.”
Diamond Bank is one of the eight banks designated as systemically important banks by the Central Bank of Nigeria (CBN) in 2013 and, is rated in 2016 as one of the top three customer-centric banks by KPMG Professional Services, providing reliable and dependable financial services to corporate and individual customers in Nigeria and West Africa. The Bank is a leading retail banking franchise and has remained the leader in the MSME segment.
By Adedapo Adesanya
The Central Bank of Nigeria (CBN) has warned banking customers to safeguard their financial information by never sharing their personal identification numbers (PINs), passwords, and other sensitive banking details with anyone.
The apex bank, in a post obtained from its X handle on Monday, advised customers as the world observes Global Money Week 2026 amid rising cases of fraud and scams targeting unsuspecting bank customers.
It emphasised that even individuals claiming to be bank officials should not be trusted with personal banking information.
“Protect your money by protecting your information. As we mark Global Money Week 2026, remember: your PINs, passwords, and banking details should never be shared with anyone, not even someone claiming to be from your bank. Stay alert. Stay safe.”
The warning comes amid worries as fraudsters often impersonate bank officials via phone calls, text messages, or emails to trick customers into revealing sensitive data. This has been made worse with the development of artificial intelligence (AI).
Global Money Week is an annual international campaign that promotes financial literacy, money management, and consumer protection. It is being observed worldwide, including in Nigeria, with a focus on safe banking practices.
This year’s theme, Smart Money Talks, focuses on supporting young people to talk openly about money, develop essential financial skills, and make informed decisions that build long‑term confidence and financial well‑being
Throughout Global Money Week, people and institutions will carry out programmes that will aid learning about the necessary money management skills, attitudes and behaviours needed to make smarter future financial decisions.
Topics like scams and fraud awareness, managing finances, understanding transactions and protecting consumer rights will also be explored across the world.
By Adedapo Adesanya
The Fintech Association of Nigeria has backed the recent slew of regulatory measures by the Central Bank of Nigeria (CBN), saying it will strengthen banking security, curb fraud and boost trust.
Mr Oluwaseun Adesanya, National Treasurer of the association, in an interview with the News Agency of Nigeria (NAN) in Lagos over the weekend, said the policies, including restricting banking applications to a single device, were designed to safeguard the financial ecosystem.
He said the regulator introduced the measures to improve security, protect customers and strengthen confidence in digital banking platforms.
Mr Adesanya, speaking on the sidelines of an induction and award ceremony organised by the Chartered Institute of Bankers of Nigeria (CIBN), said improved security will enhance convenience for customers and reinforce trust in financial institutions.
Mr Adesanya added the reforms would also help banks reduce losses from non-performing loans by strengthening credit facility frameworks.
“This will bring more sanity into the financial system and help banks avoid making provisions for loans that are no longer performing,” he said.
He noted that the regulatory initiatives were aimed at creating a safer environment for stakeholders across the financial services industry.
Last week, the CBN made some fresh regulatory moves aimed at strengthening the Nigerian banking ecosystem, including the announcement of new baseline standards requiring financial institutions to deploy automated anti-money laundering (AML) systems.
The new framework sets minimum standards for automated anti-money laundering solutions designed to strengthen the detection and reporting of financial crimes within Nigeria’s rapidly digitising financial ecosystem.
The CBN explained that the guidelines establish a baseline structure for financial institutions to deploy advanced monitoring tools capable of flagging suspicious financial activities instantly.
Also, it directed Nigerian banks to flag suspected fraud Bank Verification Numbers (BVNs) after a 24-hour watchlist from May 1, as well as updates on phone numbers linked to a BVN shall be allowed only once in a lifetime.
By Adedapo Adesanya
NOVA Bank Limited has announced the appointment of Jude Anele as its chief executive, following the approval of the Central Bank of Nigeria (CBN).
The appointment comes at a pivotal moment in the bank’s evolution, following its transition from merchant banking to commercial banking and the successful completion of its recapitalisation programme ahead of the March 31, 2026, regulatory deadline.
Mr Anele, according to a statement over the weekend, brings more than 33 years of banking experience across West and Central Africa, with deep expertise in retail/commercial banking, corporate banking, risk management, institutional transformation and executive leadership.
Over the course of his career, he has led complex banking operations, strengthened governance frameworks, delivered sustainable revenue growth and built high-performance teams.
The appointment reflects the board’s strategic commitment to consolidating NOVA Bank’s commercial banking platform while accelerating growth across its Corporate, Commercial and Retail segments, as well as priority markets.
Speaking on his appointment, Mr Anele said he was honoured to assume leadership of the Bank at a defining stage of its growth. “Nova Bank has built a strong institutional foundation defined by regulatory compliance, capital strength, disciplined governance and a clear commercial mandate.
“Our focus now is execution — deepening customer relationships, expanding responsibly across priority markets, strengthening risk discipline and delivering sustainable value to our shareholders,” he said.
On his part, the Bank’s Chairman, Mr Phillips Oduoza, also expressed confidence in the new leadership.
“The board is pleased to welcome Mr Jude Anele as Managing Director and Chief Executive Officer. His depth of experience, strategic clarity and proven leadership record align strongly with NOVA Bank’s growth ambitions,” Mr Oduoza said.
He added that with recapitalisation completed ahead of the regulatory timeline, the Bank is entering a new phase defined by scale, stability and structured expansion.
NOVA Bank also confirmed that it had met the recapitalisation requirements set by the CBN ahead of the regulatory deadline, reinforcing its capital adequacy and long-term financial stability.
The capital raise, supported by new and existing shareholders, further strengthens the Bank’s balance sheet and positions it for disciplined growth.
NOVA Bank currently maintains operations in Lagos, Abuja, Owerri and Port Harcourt, with plans to open eight additional branches across key commercial hubs in 2026 as part of its expansion strategy.
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