Wednesday, 10 April 2013

Diamond Bank grows interest income 34.8% in 2012

The Nigerian Stock Exchange Tuesday published the fourth quarter 2012 financial report of Diamond Bank Plc with interest income rising to N23.928 billion, a 5.6% growth against same quarter last year, while full year 2012 jumped by 34.8% to N112.352 billion.

The bank made recoveries/write-backs on provisions of N6.397 billion in Q4 which cut back provisions for the full year to N17.028 billion which is 69.3% lower than the previous year.

The bank put profit after (PAT) after minority interest in Q4 at N3.656 billion and at N21.817 billion in full year.

According to analysts from FBN Capital, the PAT at N3.7 billion represents a marked improvement over the –N16.9bn which the bank reported for the same period in 2011.

The Q4 2011 results were depressed by significant provisions that the bank recorded at the time and exceptional losses that hit the opex line also.

Diamond’s full year 2012 PAT of N21.8 billion represents an impressive ROAE of 22.4%, and is likely to rank among the strongest results of any bank in the sector for 2012.

Unlike banks that are awash with liquidity, Diamond Bank’s results have come mainly via lending; as such, there are no similarities between its tax rate of 19.6% for the full year and those of other banks that have reported which have been below 10%.

Source: WorldStage Newsonline

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