28th Aug 2009 13:00
Diamond Bank Plc
Unaudited Results for the quarter ended 31 July 2009
DIAMOND BANK PLC REPORTS FIRST QUARTER RESULTS, FULLY RECOGNISING RECOMMENDED LOAN LOSS PROVISIONS
LAGOS, NIGERIA - 28 AUGUST 2009 - Diamond Bank Plc, (Bloomberg: DIAMONDB NL) ("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 July 2009.
Speaking from headquarters in Lagos, Emeka Onwuka, Managing Director of Diamond Bank commented: "Diamond Bank has taken the prudent step of fully recognizing the loan loss provisions recommended under the recent CBN/NDIC examination. This has reduced profitability in the quarter and depressed total assets at the period end. However, as one of the first banks to pass through the CBN's comprehensive new audit process, Diamond Bank is confident that it has now fully accounted for the potential impact of customer difficulties on its balance sheet, leaving it well positioned to leverage the considerable opportunities current markets present."
Financial Highlights
Profit & Loss - continued profitability despite challenging environment
Gross earnings of N23.9 billion, an increase of 10% (N21.8 billion July '08)
Net interest income of N13.9 billion, an increase of 57% (N8.9 billion July '08)
Profit before tax of N2.0billion, a decline of 66% ( N6.0 billion July '08)
Balance Sheet
Total Assets down 6% to N500.1 billion (N534.0 billion July '08)
Loans up 6 % to N320.3 billion (N301.6 billion July '08)
Customer deposits down by 2% to N315.4 (N320.3 billion July '08)
Key Ratios
Annualized ROAE of 6%
Risk adjusted capital ratio of 17.9%(all tier 1)
Liquidity ratio of 26.8% (CBN Statutory minimum of 25%)
(For the detailed Profit and Loss Account, Balance Sheet and notes to the accounts, please visit our website - www.diamondbank.com)
http://www.rns-pdf.londonstockexchange.com/rns/2059Y_-2009-8-28.pdf
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Conference Call for Results
Diamond Bank Plc (Bloomberg: DIAMONDB NL) will be hosting a teleconference call for analysts and investors on September 9th, 2009 at 11 am UK time (6 am New York/ 11am Lagos) with its senior management to announce Diamond Bank Plc's audited annual results for the quarter ended 30 July 2009. 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 1957 in the UK
+1 718 354 1388 in the US
And then entering the following access code: 4447537
Participants should register for the call at least five minutes before the start of the presentation.
For those who are unable to listen to the live call, a replay facility will be available until 22 September 2009 by dialing +44 (0)20 7111 1244 (UK) and +1 347 366 9565 (US) and entering access code 4447537#
The presentation will be posted to Diamond Bank's website on morning of 9 September at www.diamondbank.com
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For further information please contact:
Chiugo Ndubisi [email protected] +234 (1) 262 6322
Monica Chibuzor-Osuji [email protected] +234 7039568204
Africa Practice / Financial Dynamics
London:
Ed Gascoigne-Pees ed[email protected] +44 (0)20 7269 7132
Paul Marriott [email protected] +44 (0)20 7462 7252
Lagos:
Nick Chambers [email protected] +234 703 232 3089
Tim Newbold [email protected] +234 805 494 9866
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, Agusto & Co A+ , and A+ rating by GCR, reflects the bank's sustainable liquidity, sound and professional practices and good standing as a high investment grade institution.
More information can be found at www.diamondbankplc.com
Related Shares:
DBP.L