PHOTO: nigerianbulletin.com
Diamond Bank Plc has achieved 9 per cent enhance in gross earnings from N187.3billion in 2016 to N203.3billion in 2017.
Specifically, the bank’s audited consequence for the year ended December 31, 2017, confirmed 9 per cent enhance in turnover to N203.3billion from N187.3billion recorded in the corresponding interval in 2016.
However, the bank’s revenue earlier than tax year-on-year dipped from N3.2billion in 2016 to N2.1billion in the course of the interval beneath evaluation as a result of excessive working bills.
The Bank’s internet charges and commission had been down by 1.3 per cent year-on-year. Impairment prices additionally trended downwards zero.3 per cent year-on-year to N56.8billion following continued efforts to enhance the standard of the mortgage e-book, significantly in the Oil and Gas mid-stream sector.
Operating prices of the Bank rose by 6.2 per cent as a result of international trade price affect following the devaluation of the naira in the course of the year.
The Chief Executive Officer, Uzoma Dozie, stated Diamond Bank made good progress in executing its technology-led retail banking technique in 2017.
“We elevated our market share and drove scale by a mixture of expertise and growth of our companies throughout extra platforms. For occasion, we made extra inroads to the unbanked and under-banked populations with the assist of our worldwide companions. In addition, the speedy rollout of services and products for entrepreneurs, and small and medium enterprise house owners gained important traction and is a pattern that's set to proceed.
“At a macro level, the economic environment improved, albeit marginally. Against this backdrop and Nigeria’s broader positive fundamentals, we disposed of some non-core assets to optimise the use of our resources and focus on the significant potential of our domestic market. By taking this action, Diamond Bank is better positioned to accelerate its growth, productivity and profitability in the short to medium term,” he added.
He stated the bank additionally reviewed possession of non-core property to deal with the numerous alternatives in Nigeria, significantly in retail banking. This led to the divestment from Diamond Bank enterprise in West Africa, with that in United Kingdom set to observe.
Furthermore, to revive its technology-led retail banking technique, he stated the bank efficiently delivered new initiatives, by constructing extra ecosystems and the growth of customer companies throughout totally different platforms.
These embody the DreamVille platform – the primary Nigerian gamification portal for banking aimed toward bettering monetary literacy and participation amongst youths.
“Although more work is to be done, particularly in relation to our oil and gas exposure, overall the quality of the loan book has improved. This will remain a key area of focus over the next 12 months. Looking ahead, I am optimistic that due to the actions we have taken as well as an improving economy, Diamond Bank will not stop to make good progress and achieve greater profitability.”
This led to the divestment from Diamond Bank enterprise in West Africa, with that in United Kingdom set to observe.
Furthermore, to revive its technology-led retail banking technique, he stated the bank efficiently delivered new initiatives, by constructing extra ecosystems and the growth of customer companies throughout totally different platforms.
These embody the DreamVille platform – the primary Nigerian gamification portal for banking aimed toward bettering monetary literacy and participation amongst youths.
“Although more work is to be done, particularly in relation to our oil and gas exposure, overall the quality of the loan book has improved. This will remain a key area of focus over the next 12 months. Looking ahead, I am optimistic that due to the actions we have taken as well as an improving economy, Diamond Bank will not stop to make good progress and achieve greater profitability.”