Diamond Bank grows income, profit in Q1

Nigeria’s Diamond bank has reported close to 50 per cent jump in its first quarter earning this year, compared to the same period last year.

In its unaudited account for the quarter made available to the Nigerian Stock Exchange today, the bank reported a gross earnings of N30.7 billion, as against N21 billion last year.

The bank’s profit before tax was N7.8 billion, more than three times the N2.16 billion recorded for last year’s first quarter. In 2011, Diamond ended up in the red, grossing a PBT of N9.6 billion.

Similarly the bank’s PAT shot up to N5.1 billion, in contrast to the N874 million loss declared last year, same period and the year’s total loss of N6.54 billion.

By mid-day trading in Lagos today, the result has not generated much enthusiasm as the bank’s stock only appreciated by 2 kobo, to sell at N2.90.