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 Senate has demanded detailed explanation from the Central Bank of Nigeria (CBN) over the alleged non-remittance of N1.44 trillion in operating surplus.
The Senate Committee on Banking, Insurance and Other Financial Institutions, chaired by Mr Tokunbo Abiru, opened its statutory briefing with a firm call for transparency at the apex bank, noting that the Auditor-General’s query on the unremitted funds required a full, clear and documented response, insisting that public trust in monetary governance depended on strict accountability.
While acknowledging the CBN’s achievements in stabilising the foreign exchange market and reducing inflation, Mr Abiru underscored that such progress must be accompanied by institutional responsibility.
He stated the Senate expected the CBN to explain the circumstances surrounding the query, outline corrective steps taken and reveal safeguards against future lapses.
This came as the Governor of the central bank, Mr Yemi Cardoso, appeared before the senate committee and offered an extensive review of economic conditions, asserting that Nigeria was experiencing renewed macroeconomic stability across major indicators.
Mr Cardoso attributed the progress to bold monetary reforms, foreign-exchange liberalisation and disciplined liquidity management implemented since mid-2025.
According to him, headline inflation had declined for seven consecutive months, from 34.6 per cent in November 2024 to 16.05 per cent in October 2025, marking the steepest and longest disinflation trend in over a decade.
Food inflation accruing to him also slowed to 13.12 per cent, supported by improved supply conditions and exchange-rate predictability.
The CBN governor described the foreign-exchange market as fundamentally transformed, adding that speculative attacks and arbitrage opportunities had largely disappeared.
According to him, the premium between the official and parallel markets had fallen to below two per cent, compared to over 60 per cent a year earlier. As of November 26, the naira traded at N1,442.92 per dollar at the Nigerian Foreign Exchange Market, stronger than the N1,551 average recorded in the first half of 2025.
He also announced a sharp rise in external reserves to $46.7 billion, the highest in nearly seven years and sufficient to cover over ten months of imports.
Diaspora remittances, he noted, had tripled to about $600 million monthly, while foreign capital inflows reached $20.98 billion in the first ten months of 2025, 70 per cent higher than in 2024 and more than four times the 2023 figure.
Cardoso further confirmed that the CBN had fully cleared the $7 billion verified FX backlog, restoring investor confidence and strengthening Nigeria’s balance-of-payments position.
On banking-sector stability, he reported that recapitalisation efforts were progressing smoothly. Twenty-seven banks had already raised new capital, with sixteen meeting or surpassing the new regulatory thresholds ahead of the March 31, 2026 deadline, highlighting improvements in ATM cash availability, digital-payments oversight and cybersecurity compliance.
Despite the positive indicators, the Senate sought clarity on several policy decisions.
Mr Abiru pressed for explanations on the sustained 45 per cent Cash Reserve Ratio (CRR), the 75 per cent CRR applied to non-Treasury Single Account public-sector deposits, FX forward settlements, mutilated naira notes in circulation, excessive bank charges, failed electronic transactions and the compliance of CBN subsidiaries with parliamentary oversight.
He also requested an update on the activities of the Financial Services Regulatory Coordinating Committee, arguing that stronger inter-agency cooperation was necessary to maintain public confidence.
The session later moved into a closed-door meeting.
By Modupe Gbadeyanka
About N3.6 trillion has been repaid to the Central Bank of Nigeria (CBN) by the Asset Management Corporation of Nigeria (AMCON) since its inception in 2010.
This information was revealed by the chief executive of AMCON, Mr Gbenga Alade, during a media parley to update the press on the activities of the agency.
Mr Alade said at the moment, the organisation still owes the central bank about N3 trillion for toxic assets of banks in the country.
He praised the organisation for its asset recovery drive, stressing that when compared with others across the world, Nigeria has done well.
“It is important to stress that the corporation has done tremendously well, especially when compared to other notable government-owned Asset Management Corporations around the world.
“Based on the balance at purchase, AMCON outperformed other Asset Management Corporations all over the world by achieving over 87 per cent in recoveries despite the unique challenges associated with debt recovery in Nigeria.
“The Malaysian Danaharta, which is adjudged one of the best performing Asset Management Corporation’s, only achieved 58 per cent. The Chinese Asset Management Corporation, despite its stricter laws, achieved just 33 per cent.
“Only the Korean Asset Management Corporation (KAMCO), South Korea, has achieved more recoveries than AMCON, with about 100 per cent. This was due to their brute force with which they chased the obligors.
“Despite KAMCO’s recovery records, the agency is still operational to date with slight realignments in its mandate.
“Other noted Asset Management Corporations that have transitioned into a perpetual institution of the various governments include, China Asset Management Company, Federal Deposit Insurance Corporation (FDIC) USA, and KFW Germany.
“So, gentlemen, without sounding immodest, AMCON has done well, and we will not relent until all the outstanding debts are fully realized,” Mr Alade stated.
On the financial performance of AMCON, he said last year, the firm posted a revenue of N156.25 billion and operating expenses of N29.04 billion, while for the 2025 fiscal year should be a revenue of N215.15 billion and operating expenses of N29.06 billion.
By Modupe Gbadeyanka
One of the non-interest banks in Nigeria, The Alternative Bank (AltBank), has opened a new branch in Effurun, Delta State.
The new office will serve the Edo-Delta region and provide purposeful banking and real financial empowerment for individuals, entrepreneurs, and businesses, a statement from the firm stated.
The lender disclosed that the Effurun branch is a bold move in its mission to reshape banking in Nigeria.
The launch was graced by key dignitaries, including the Ovie of Uvwie Kingdom, Emmanuel Ekemejewa Sideso Abe I; the Chairman of Uvwie Local Government, Anthony O. Ofoni, represented his vice, Andrew Agagbo; and the Special Adviser to the Governor of Delta State on Community Development, Mr Ernest Airoboyi; amongst others.
The Divisional Head for South at The Alternative Bank, Mr Chukwuemeka Agada, emphasised the institution’s commitment to Warri and its surrounding communities.
“By establishing a presence here, we are initiating a transformation in the way banking serves the people of Delta. Our purpose-driven approach ensures that customers’ financial goals are not just met but exceeded,” he stated.
“This branch represents our pledge to empower Warri’s dynamic businesses and families, providing them with the tools to grow without compromise,” Mr Agada added.
“We understand the heartbeat of this community, and we are excited to integrate our bank into the fabric of this dynamic region,” he stated further.
On his part, the representative of the Ovie, Mr Samuel Eshenake, challenged the bank to facilitate development and employment within the Effurun community.
The Regional Head for Edo/Delta at The Alternative Bank, Mr Akanni Owolabi, embraced this challenge, pledging that the bank will work sustainably to drive local commerce.
“At The Alternative Bank, we are committed to being an active partner in the development of Effurun. We see this branch as a catalyst for creating opportunities, driving employment, and supporting the growth of local businesses.
“Our mission is to empower this community, ensuring that every step forward is one of progress, prosperity, and shared success.”
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism9 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking7 years agoSort Codes of GTBank Branches in Nigeria
-
Economy2 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn