Diamond Bank Plc Audited Financial Results for the year ended 31st
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- Diamond Bank Plc Audited Financial Results for the year ended 31 st December 2015
- Interest and similar income of N157.9 billion, down only 2% in challenging environment. Impairment charge of N55.2 billion reflecting prudent provisioning.
- Mitigating actions taken to address impact of economic headwinds to deliver improved earnings and lower operating costs from 2016 onward.
- Increased focus on digital and IT infrastructure providing scale and efficiencies. Strategic overview
- The year was marked by a number of difficulties in the wider economy that have impacted on the banking sector, prompting the issuance of profit guidance announcement on March 11.
- Commenting on the results, the Chief Executive Officer, Mr. Uzoma Dozie said
- Group Statement of Comprehensive Income
- 31 Dec. 2015 N000 31 Dec. 2014 N000
- Net interest income 109,406,255 109,576,191
- Net operating income 104,638,287 127,383,190
- Profit/(loss) before tax 7,092,730 28,101,232
- Profit/(loss) after Tax 5,656,623 25,485,219
- Total comprehensive income 7,900,727 25,267,417
- Total assets 1,753,232,280 1,933,123,374
- Total equity and liabilities 1,753,232,280
 
Diamond Bank Plc Audited Financial Results for the year ended 31st December 2015 DIAMOND BANK PLC REPORTS FULL YEAR PROFIT BEFORE TAX OF N7 BILLION Full Year highlights Profit Before Tax of N7.1 billion from operations in 2015. Interest and similar income of N157.9 billion, down only 2% in challenging environment. Impairment charge of N55.2 billion reflecting prudent provisioning. Operating costs and interest expense down 0.5% and 6% respectively in 2015 compared to 2014. Mitigating actions taken to address impact of economic headwinds to deliver improved earnings and lower operating costs from 2016 onward. Organizational restructuring underway in Q1 2016 to improve operations and services for clients. Successful implementation of technology-led retail strategy to drive customer acquisition – landmark of 1 million customers acquired for Diamond Bank mobile app. Increased focus on digital and IT infrastructure providing scale and efficiencies. Strategic overview 2015 witnessed the successful roll out of Diamond Bank’s technology-led retail strategy which captures Nigeria’s favourable macroeconomic and demographic fundamentals, namely a large underbanked population who are increasingly digitally active. The strategy has led to the acquisition of 5,920,190 new retail customers in 2015. The year was marked by a number of difficulties in the wider economy that have impacted on the banking sector, prompting the issuance of profit guidance announcement on March 11. However, mitigating actions, including a focus on cost reduction, are being taken to address these challenges. As a result, Diamond Bank is better positioned for the future and expects to see improved earnings in 2016. Commenting on the results, the Chief Executive Officer, Mr. Uzoma Dozie said: “2015 was undoubtedly a challenging year for us owing to a mixture of external factors not limited to regulatory headwinds and a difficult macroeconomic environment. Whilst this led to additional impairment charges following a prudent review, we have further tightened the criteria for loan originations in order to better align our loan portfolio with the macroeconomic conditions. As a result, we are confident that the overall quality of our loan book remains high. Importantly, there are clear signs that the new strategy and initiatives to reduce costs are proving successful and are reflected in certain financial indicators. Fundamentally, by taking various mitigating actions and implementing the retail-led digital strategy, Diamond Bank has an excellent platform from which to achieve growth, profitability and shareholder returns in the years ahead. New retail accounts opened has grown more than fivefold and with a network of over 24,000 agents as at December 2015, active account ratio continues to improve. These, creates a measure of confidence going into the future” Group Statement of Comprehensive Income
Group Statement of Financial Position
Key Ratios & Per Share Data • Capital Adequacy Ratio of 16.3% (17.5% Dec 2014) • Loan to deposit ratio at 66.5% (55.6% Dec 2014) • Liquidity ratio (Bank) 53.8% (41.7% Dec 2014) • Cost of risk 6.7% (3.4% Dec 2014) • Coverage Ratio of 100.4% (93.3% Dec 2014) • Net Interest Margin of 6.1% (6.6% Dec 2014) • Cost to income ratio of 61.0% (64.6% Dec 2014) • NPL ratio of 6.9% (5.1 % Dec 2014) • ROAE of 2.7% (14.7% Dec 2014) • EPS of 24(k) (166k Dec. 2014) For the detailed Profit and Loss account, Balance Sheet, Cashflow statement and notes to accounts, please visit our website - http://www.diamondbank.com 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 the fastest growing retail bank in Nigeria with a track record of high quality banking solutions for customers. It’s the lead driver of financial inclusion and enhanced customer experience through innovation and technology. Regarded as supporter of lifestyle trends, it mobile banking app, “Diamond Mobile” currently has over 1 million active subscribers on its platform. Diamond Bank has over the years leveraged on its underlying resilience to grow its asset base and to successfully retain its key business relationships. It has also played a leading role in partnering with domestic and International bodies such as Women’s World Banking, Bill and Melinda Gates Foundation, MTN etc. to create easy access to financial services for the unbanked. 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 Diamond bank UK, Bank of Beirut; BanqueLibano-Francaise, BHF Bank, BNP Fortis, BNP Paribas, Byblos Bank, Citibank, Commerzbank, Credit Suisse, Deutsche Bank, FBN (UK) Limited, HSBC Bank, ING Bank, KBC Bank, Mashreq Bank, Nordea Bank, SMBC Ltd, Standard Bank, Standard Chartered, SvenskaHandelsbanken, UBS Zurich.
More information can be found at www.diamondbank.com Investor Relations Contacts Chiugo Ndubisi Cndubisi@diamondbank.com Ag. Chief Financial Officer +234 (1) 448 9832 Ifeatu Onwuasoanya IOnwuasoanya@diamondbank.com Head, Investor Relations +234 (1) 448 9866
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