1st Quarter Results

Diamond Bank Plc

Unaudited Results for the quarter ended 31 March 2010

DIAMOND BANK PLC REPORTS FIRST QUARTER RESULTS, SHOWING RETURN TO PROFITABILITY AND CONTINUED GROWTH IN DEPOSITS

LAGOS, NIGERIA - 29 APRIL 2010 - Diamond Bank Plc, (Bloomberg: DIAMONDB NL / Reuters: DIAMONB.LG) ("Diamond Bank" or the "Bank"), the provider of comprehensive banking and other financial services to corporate and individual customers across Nigeria and Africa announces its results for the three months ended 31 March 2010.

Speaking from headquarters in Lagos, Emeka Onwuka, Managing Director of Diamond Bank commented: "I am pleased to report that Diamond Bank returned to profitability in the first quarter of this year. Profitability was down on the prior year due to the lower yielding environment, following the impact of much greater liquidity having been made available to the Nigerian market and a slowly recovering economic environment. Following the challenges of last year, Diamond Bank has significantly strengthened its risk management processes and controls and we are pleased that these are beginning to show through. We are also emerging from the CBN audit process as one of the stronger players in the banking sector."

Financial Highlights

Profit & Loss - return to profitability despite lower yielding environment

·; Gross earnings of N24.5 billion, a decrease of 27% (N33.6 billion Mar '09)

·; Net interest income of N10.2 billion, a decrease of 18% (N12.4 billion Mar '09)

·; Profit before tax of N2.0 billion, a decline of 77% ( N8.7 billion Mar '09)

Balance Sheet - steady increase in customer deposits

·; Total Assets up 7% to N673.8 billion (N632.7 billion Mar '09)

·; Loans to customers down 13% to N326.1 billion (N375.4 billion Mar '09)

·; Customer deposits up by 23% to N462.4 (N376.5 billion Mar '09)

Key Ratios

·; Annualized ROAE of 5.5%

·; NPL ratio of 17.5%

·; Cost/Income ratio of 70%

·; Risk adjusted capital ratio of 19.6% (all tier 1)

·; Liquidity ratio of 37.9% (CBN Statutory minimum of 25%)

Operational Highlights- sharp rise in retail banking activity

·; Total low cost retail deposits up 23% to N135 billion (N110 billion in Dec'09) - equivalent to N68 billion annualized growth in 2010

·; Following the launch by the retail unit of the Business Express account, SME customers reached 35,000 in March up from a pre launch base of 7000 in October 2009

·; SME customer deposits reached N18 billion up from a pre launch base of N7 billion in October 2009

·; Retail unit currently generating annualized fee income of N42 million for every 1000 new SME customers

·; 500 direct sales agents across the country currently generating 1000 new SME accounts per week

·; Consumer finance activity recorded its best month ever in March totaling 28,000 direct sales across the whole product range.

(For the detailed Profit and Loss Account, Balance Sheet and notes to the accounts, please visit our website - www.diamondbank.com)

- ENDS-

Conference Call for Results

Diamond Bank Plc (Bloomberg: DIAMONDB NL / Reuters: DIAMONB.LG) will be hosting a teleconference call for analysts and investors on Monday 10th May at 2 pm London and Lagos (9am New York / 3pm Johannesburg & Cape Town) with its senior management to announce Diamond Bank Plc's full year results for the year ended 31 December 2009 and for the first quarter ended 31 March 2010. There will also be an opportunity at the end of the call for management to take questions from investors and analysts.

The teleconference call facility can be accessed by dialing:

+44 (0)20 7806 1951 in the UK

+1 212 444 0412 in the US

And then entering the following access code:

4694038

Participants should register for the call at least five minutes before the start of the presentation.

The presentation will be posted to Diamond Bank's website on the morning of 10th May at www.diamondbank.com

For those who are unable to listen to the live call, a replay facility will be available until 24th May 2010 by dialing +44 (0)20 7111 1244 (UK) and +1 347 366 9565 (US) and entering access code 4694038#

- ENDS -

For further information please contact:

Chiugo Ndubisi [email protected] +234 (1) 448 9832

Africa Practice / Financial Dynamics

London:

Ed Gascoigne-Pees [email protected] +44 (0)20 7269 7252

Kat Bloom [email protected] +44 (0)20 7269 7223

Lagos:

Nick Chambers [email protected] +234 702 846 8082

Oberhi Majoroh [email protected] +234 803 508 8476

Notes to editors:

About Diamond Bank plc

Diamond Bank Plc began as a private limited liability company on March 21, 1991 (the company was incorporated on December 20, 1990). Ten years later, in February 2001, it became a universal bank. In January 2005, following a highly successful Private Placement share offer which substantially raised the Bank's equity base, Diamond Bank became a public limited company. In May 2005, the Bank was listed on The Nigerian Stock Exchange.

Today, Diamond Bank is one of the leading banks in Nigeria* - respected for its excellent service delivery, driven by innovation and operating on the most advanced banking technology platform in the market. Diamond Bank has over the years leveraged on its underlying resilience to grow its asset base and to successfully retain its key business relationships.

We have retained excellent banking relationships with a number of well-known international banks, allowing us to provide a bouquet of world class banking services to suit the business needs of our clients. These international banking partners include Citibank; HSBC Bank; ANZ Banking Group; ING BHF Bank AG; Standard Chartered Bank; Belgolaise Bank S.A; Deutsche Bank; Commerzbank; and Nordea Bank Plc.

* Diamond Bank's A- rating by Fitch Ratings and A+ rating by GCR, reflects the bank's sustainable liquidity, sound and professional practices and good standing as a high investment grade institution.

http://www.rns-pdf.londonstockexchange.com/rns/1436L_-2010-4-30.pdf

More information can be found at www.diamondbankplc.com