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
Top financial services provider in Nigeria, Stanbic IBTC, has reiterated its commitment to empowering businesses, strengthening key sectors and positioning Nigeria as a competitive player in the global economy.
This came on the back of the 2026 edition of the Nigeria Business Summit from Wednesday, April 1 to Thursday, April 2, 2026, at the Landmark Event Centre, Victoria Island, Lagos. The two-day summit brought together industry leaders, policymakers, entrepreneurs and stakeholders across multiple sectors to explore sustainable business practices, foster economic growth and unlock global trade opportunities.
With the theme, Nigeria Means Business: Powering Sectors, Growing Sustainable SMEs & Unlocking Global Trade, the summit addressed critical issues across key sectors, including agribusiness, renewable energy, trade and Africa–China banking, as well as ICT and telecommunications. Additional sessions covered areas such as family business sustainability, artificial intelligence, employee value banking, insurance, pension and wealth management.
The event featured a keynote address by the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, who emphasised the urgent need for Nigeria to reposition itself as a leading export-driven economy to achieve sustained growth.
“Our true potential lies in becoming a leading export economy,” Edun stated. “Increased participation in regional and global trade will be critical to diversifying foreign exchange earnings and driving inclusive growth.”
He noted that while Nigeria’s GDP growth has improved to approximately 4 per cent, it remains below the level required to significantly reduce poverty. According to him, the country’s economic strategy is now shifting from stabilisation to growth acceleration, with trade expansion playing a central role.
Mr Edun highlighted ongoing reforms, including improved foreign reserves, rising non-oil revenues and renewed investor confidence, as indicators of a more resilient economy. However, he stressed that enhancing trade competitiveness would require continued investment in infrastructure, logistics and policy coordination.
He also highlighted the importance of small and medium-sized enterprises (SMEs), which account for over 90 per cent of businesses, noting that inclusive growth will depend on stronger collaboration between the public and private sectors.
Participants engaged in a rich line-up of activities, including expert presentations, panel discussions and high-level networking opportunities. Highlights of the summit included the Africa Trade Barometer presentation, client testimonial showcases and insightful discussions on the state of the African economy and intra-African trade opportunities.
Breakout sessions on agribusiness, ICT and healthcare, Africa-China banking and trade, as well as renewable energy, provided attendees with deeper, practical insights into some of the most critical sectors driving Nigeria’s economic future.
Speaking at the event, Mr Chuma Nwokocha, chief executive of Stanbic IBTC Holdings, represented by the organisation’s Chief Finance and Value Management Officer, Mr Kunle Adedeji, emphasised the importance of collaboration and innovation in driving sustainable growth.
“This summit has reinforced the importance of creating platforms where ideas can flourish, and businesses can grow sustainably. By working together, we can unlock new opportunities and drive economic advancement across Nigeria and the African continent,” he said.
The summit also spotlighted practical strategies for integrating sustainability into business operations, encouraging organisations to adopt environmentally conscious practices while maintaining profitability and competitiveness.
Mr Remy Osuagwu, Executive Director, Business & Commercial Banking, expressed satisfaction at the level of interest from participants, a critical element for a successful summit.
“From our conversations on energy and healthcare to the deep dives into trade, Africa-China relations, and agribusiness, Day 1 has offered perspectives that were both insightful and practical. I believe we’re all leaving with a stronger understanding of the opportunities emerging across our industries,” he said.
He acknowledged the level of engagement, questions, contributions and willingness of participants to share experiences, describing this as the real power of the Nigeria Business Summit, and a solid foundation for tomorrow.
The Chief Executive of Stanbic IBTC Bank, Mr Wole Adeniyi, who was represented by Mrs Bunmi Dayo-Olagunju, Deputy Chief Executive of Stanbic IBTC Bank, opened Day Two of the Nigeria Business Summit by highlighting the focus of the summit’s SME Day.
“Today, we build on Day One’s momentum with conversations that are equally critical for the future – from the dynamics of family businesses to the growing influence of artificial intelligence; the evolution of insurance, and the emerging space of electric vehicle banking.”
She further added, “Our goal on Day Two is simple: to explore what’s next. To understand how these developments will shape our businesses and how we can position ourselves ahead of the curve.”
By Dipo Olowookere
Tech enthusiasts interested in participating in the Take on Squad Hackathon, organised by Guaranty Trust Holding Company (GTCO) Plc, can now enter the contest via the official portal at https://squadco.com/hackathon.
The programme enters its third edition in 2026, and the theme for this year is Smart Systems: The Intelligent Economy, according to a statement issued by the organisers.
The hackathon brings together developers, designers and entrepreneurs across Nigeria in a collaborative environment to build practical solutions across key sectors, including financial services, healthcare, commerce and digital inclusion.
Participants are challenged to design and build intelligent, data-driven solutions that transform how communities engage with money.
It is part of the organisation’s commitment to fostering innovation, empowering talent, and supporting the development of technology-driven solutions that address real-world challenges across Africa.
“Today’s dynamic, digitally driven world demands continuous innovation, which is shaping how economies grow, how businesses scale, and how societies evolve.
“Through Take on Squad Hackathon, we are deliberately investing in the ideas and talent that will define the future.
“Our objective is not simply to encourage innovation, but to enable its translation into scalable solutions that deliver real and measurable impact.
“This reflects GTCO’s role as a financial services platform that connects capital, capability, and creativity to drive sustainable progress,” the Managing Director of HabariPay, Ms Eduofon Japhet, stated.
The social coding event remains a cornerstone of HabariPay’s mission to foster creativity and problem-solving among emerging tech talents. Competing teams will leverage Squad’s advanced APIs to create scalable digital tools that address everyday challenges faced by businesses and individuals.
Through initiatives such as this, GTCO continues to position itself at the intersection of finance, technology and enterprise, actively shaping the future of digital transformation in Africa.
By Dipo Olowookere
Banking services will not be interrupted throughout the Easter public holidays, from Friday, April 3, to Monday, April 6, 2026, for any reason, Ecobank Nigeria has assured its customers.
In a message over the weekend, the member of Africa’s leading pan-African banking group, Ecobank Transnational Incorporated, said customers would continue to enjoy quality service delivery during the period.
It noted that its secure and robust digital platforms would remain fully operational to support financial activities during the festive period.
All digital channels, including the Ecobank Mobile App, Ecobank Business App, USSD *326#, Ecobank Online, OmniPlus, Omnilite, EcobankPay, Ecobank Cards, ATMs, PoS terminals, and over 35,000 Ecobank Xpress Point agent locations nationwide, will remain accessible throughout the holiday, the financial institution further said, urging customers to conveniently conduct transactions at any time using this wide range of digital solutions.
Ecobank customers were encouraged to maximise the bank’s alternative channels for transfers, bill payments, airtime purchases, card services, and account management.
They were also advised to stay vigilant by shopping only on trusted websites; avoiding the sharing of PINs, passwords, and one-time passwords (OTPs); refraining from banking on public Wi-Fi networks; being cautious of urgent or emotionally charged messages; and regularly monitoring their account activity.
“Customers will continue to enjoy a full bouquet of services during the holiday, including local and international funds transfers, bill payments, airtime top-ups, merchant payments, balance enquiries, account statements, and cardless cash withdrawals via ATMs,” the Head of Products & Analytics, Consumer & Commercial Banking at Ecobank Nigeria, Mr Victor Yalokwu, stated.
“We understand that festive seasons come with increased financial activity, and our priority is to ensure our customers enjoy fast, reliable, and secure banking wherever they are.
“Our digital channels are designed to support uninterrupted transactions, and we have strengthened our systems to guarantee optimal performance throughout the Easter break,” he added.
Mr Yalokwu noted that, “Ecobank remains committed to providing innovative financial solutions and exceptional customer service. We wish all our customers and partners a peaceful and joyful Easter celebration.”
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