2014 Q1 Results: Diamond Bank Post N9.2billion Pre-Tax Profits (5.8% Increase YoY)

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Diamond Bank Plc released its 2014 Q1 results showing Net Interest Income grew 12% to N27.5billion (2013 Q1: N24.5billion) for the first quarter of the year. Key Highlights as follows

• Operating income rose 19% to N32.4billion compared to N27.2billion a year earlier
• Operating expenses however rose 25% to N23.2billion compared to N18.5billion a year earlier
• Pre-tax profit rose 5.8% to N9.2billion compared to N8.7billion  a year earlier
• Customer deposits rose slightly by 2% between December 2013 and March 2014
• Loans and advances also increased by 3% in the last three months suggesting a likely aggressive lending year.
• Cost to income ratio by our estimate remained flat at 62%
• Instructive to note that the bank has now gone 5 straight quarters recording loan losses totaling about N28billion. In fact loan losses since 2011 is a whopping N100billion

Diamond Bank Q1 results was first released in the website of the NSE