Diamond Bank records N49bn gross earnings in 1Q



Diamond Bank Plc has recorded gross earnings of N49 billion for the first quarter financial year ended March 31, 2014. The result represents a surge of N9 billion or 22.5 per cent compared with N40 billion achieved in the corresponding period of 2013.

The profit for the year also grew from N6.29 billion posted in the comparable period to N8.45 billion, representing a growth of 34.34 per cent.
The bank in its financial result ended December 31 2013 showed that the gross earnings surged by N38.26 billion to N181.2 billion from N143.0 billion recorded in the comparative period of 2012, indicating an increase of 26.71 per cent . The profit after tax also went up from N22.1 billion in the previous year to N28.5 billion, representing an increase of 28.95 per cent. The board of the bank proposed a dividend of N0.30 kobo per every share held by investors. The bank said that its books will closed between
April 17 and 18, 2014 while payment date is April 28.

The bank at the end of its third quarter achieved gross earnings of N133.520 billion  from N109.948 billion recorded in the corresponding period of 2012 representing N23.572 billion or 21.44 per cent. The profit after tax also increased by N1.88 billion or 10.34 per cent  from N18.170 billion to N20.050 billion.

The bank last week said that it sought shareholders’ approval to raise $550 million additional capital in its quest to raise its tier 2 capital by $750 million. It stated that $200 million has already been raised.

In a notice to shareholders on its annual general meeting, which comes up on April 24, the bank said a portion of the fresh capital would come from a rights issue to existing shareholders, adding that the terms, conditions and dates would be determined by the directors, subject to obtaining the approvals of relevant regulatory authorities.

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