11th Feb 2009 10:03
Diamond Bank Plc
Q3 Results for the nine months ended 31 January 2009
DIAMOND BANK PLC REPORTS INCREASE IN GROSS EARNINGS OF 73.6% TO N72.4 BILLION
LAGOS, NIGERIA - 11 February 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 nine months ended 31 January 2009.
Speaking from headquarters in Lagos, Emeka Onwuka, Managing Director of Diamond Bank commented: "We are pleased to report another strong period of profitable growth driven by an increase in volume of business activities across the bank. The successful ongoing diversification of our funding mix is ensuring the bank's growth is well funded. Despite the difficult global environment, Diamond Bank remains confident that it can implement its high growth strategies and continue to leverage its leading position in the SME sector."
Financial Highlights
Profit & Loss
Gross earnings of N72.4billion, an increase of 73.6% (N41.7billion Jan 08)
Net interest income of N29.4billion, an increase of 97.2% (N14.9billion Jan 08)
Profit before tax of N19.8billion, an increase of 65.4% (N12.0billion Jan 08)
Balance Sheet
Total Assets up 24.9% to N583.4billion (N467.3billion Jan 08)
Loans up 55.2% to N348.0billion (N224.2billion Jan 08)
Customer deposits up 30.3% to N375.0billion (N287.8billion Jan 08)
Key Ratios
Cost/income ratio stable at 56.8%
Annualized ROAE increased to 18.6% (15.8% Jan 08)
Risk adjusted capital ratio of 18.7% (all tier 1)
High liquidity ratio of 37.7% (CBN Statutory minimum of 30%)
Strategic Business Units - Highlights
Corporate Banking profit before tax ("PBT") of N3.9 billion for the nine months to 31 January 2009 (19.7% of bank PBT) driven by:
big-ticket transactions in project and structured finance; and
related business advisory, cash management and international trade services to our key clients in Oil & Gas, Power, Telecommunications, Maritime and Construction industries.
Regional Businesses (Retail Banking & Nat. Corporate) of N15.0 billion for the period (75.7% of bank PBT) as a result of:
growth in our SME business, driven by the delivery of value-adding solutions and enduring relationship that unlock the potentials of our SME clients;
incentive-sales campaign of our savings accounts products (SavingsXtra); and
strategic partnerships with key vendors across a range of retail/consumer products.
Public Sector PBT of N0.9 billion (4.6% of bank PBT) driven by:
revenue collection services;
strategic partnerships with key service providers to public sector enterprises; and
project-related advisory services to key government ministries, parastatals and agencies.
(For the detailed Profit and Loss Account, Balance Sheet, Cashflow statement and notes to the accounts, please visit our website - www.diamondbank.com)
- ENDS -
Conference Call for Results
Diamond Bank Plc (Bloomberg: DIAMONDB NL) will be hosting a teleconference call for analysts and investors on Wednesday 11 February at 10 am GMT (5am New York/ 11am Lagos) with its senior management to announce Diamond Bank Plc's unaudited Q3 results for the nine month period ended 31 January 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 7138 0836 in the UK
+1 718 354 1172 in the US And then entering the following access code: 4891759
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 24th February 2009 by dialing +44 (0)20 7806 1970 (UK) and +1 718 354 1112 (US) and entering access code 4891759# The presentation will be posted to Diamond Bank's website on Wednesday morning at www.diamondbank.com
- ENDS -
For further information please contact:
Chiugo Ndubisi [email protected] +234 (1) 262 6322
Africa Practice / Financial Dynamics
London:
Alex Boycott [email protected] +44 (0)20 7269 7272
Azim Datardina [email protected] +44 (0)20 7462 7550
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, A+ rating by GCR and Augusto & Co, 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
Click on, or paste the following link into your web browser, to view the associated PDF document http://www.rns-pdf.londonstockexchange.com/rns/1382N_-2009-2-11.pdf
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