Diamond bank maintain stable growth in Q3 2016

   Diamond Bank yesterday released its Q3 2016 performance scorecard on the floor of the Nigerian Stock Exchange (NSE), showcasing moderate growth in key financial parameters. For the nine months under review, the group recorded a growth of 16.9 per cent in total assets, which grew from N1.753 trillion in the same period last year to N2.05 trillion. This was driven mainly by the value of the local currency and growth in customer deposits, which surged 13.6 per cent from N1.233 billion as at the end of September 2015 to N1.401 billion in the current business year, demonstrating the bank's strong ability and network to generate cheap deposits from the retail and middle market segments. Also, the bank grew its loan portfolio from N763.634 billion to N1.041 trillion, representing 36.4 per cent increase. Commenting on the results, Chief Executive Officer, Uzoma Dozie, stated that the bank's modest growth in the last nine months despite the inclement operating environment, was the result of management's focus on key strategic projections across the three core segments of retail, business and corporate banking, noting that the bank will continue to passionately pursue its technology-driven retail strategy to optimise cost and reap predictable bountiful results in the medium to long term. Uzoma said: "We believe the macro conditions and other external factors will remain challenging for the rest of the year and well into 2017. However, by pursuing our technology-led retail strategy and with our focus on innovation and scalability, we believe the bank is well-placed to benefit in the medium to long term from the favourable fundamentals in Nigeria, namely a large population, many of which remain unbanked. This strategy stands to benefit all stakeholders, including our shareholders and customers in the long run." Monetarists and analysts had, amidst the regulatory headwinds that characterized the industry in the last nine months, and the catalogue of macroeconomic challenges rocking the economy, predicted greyed results in the industry. But despite analysts' predictions, Diamond Bank recorded strong growth in non-interest income, which leapfrogged by 38.1 per cent to N37.6 billion. The bank grew its retail customer base to over 13 million, while the use of its mobile app by customers continues to grow as transaction count increased from 4.3 million to 7.9 million with volume surging from N4.3 billion to N8.5 billion year on year. 

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