By Dipo Olowookere
Tier-2 financial institution, Diamond Bank Plc, on Friday released its financial scorecard for the period ended September 30, 2018.
In the financial accounts briefly analysed by Business Post, the lender further recorded a woeful performance in the first nine months of this year, just like in the previous quarters.
For example, the profit before tax of the firm dipped to N3.1 billion from N4.8 billion, while the profit after tax went down to N1.7 billion from N3.9 billion.
Also, the gross earnings for the period under consideration dropped to N142.5 billion from N143.7 billion, with the interest and similar income going down to N108 billion from N112.5 billion a year ago, while the net interest income depreciated to N67.1 billion from N77.7 billion.
In addition, the net interest income after impairment charge for credit losses closed at N41.9 billion against N44.5 billion in Q3 2017, while the net fee and commission income declined to N22 billion from N22.3 billion.
Business Post reports that the earnings per share (EPS) of Diamond Bank decreased to 7 kobo from 17 kobo.
However, the report showed that the bank’s retail strategy is quite rewarding as the lender recorded a landmark figure in the value of funds disbursement of over N1 billion to small business owners under the cash flow-based SME lending scheme in partnership with the Women’s World Banking (WWB), and this has earned the leading financial institution ranked among the first five SME customer bank in Nigeria in the KPMG customer service survey 2018.
View the full results here
