Company's profit after tax drops

Profit after tax of Diamond Bank declined by 20.9 per cent during its third quarter ended Sept. 30.

The News Agency of Nigeria (NAN) reports that the bank's profit after tax for the period stood at N15.96 billion against the N20.18 billion posted in corresponding period in 2014.

Its profit before tax declined by 21.7 per cent to N18.59 billion from N23.74 billion in 2014.

The bank's total comprehensive income stood at N17.90 billion against N19.52 billion in the corresponding period of 2014, a decrease of 8.3 per cent.

However, the bank's total revenue increased by 3.2 per cent to N156.5 billion from N151.6 billion recorded in 2014.

Similarly, it's net interest income rose to N85.21 billion in contrast to the N82.57 billion in the preceding period of 2014.

Commenting on the result, Mr Uzoma Dozie, the bank's Group Managing Director, said that the bank would continue to implement its retail-led strategy for profitable business growth.

Dozie attributed the drop in the bank's profit to higher loan impairment charges.

He said that the bank would continue to rebuild and strengthen its balance sheet with focus on a more efficient structure that would deliver better returns to shareholders in the long-term.

"Our customer friendly products and services are showing positive results. By taking this approach we stand to benefit from further innovation, technology and lifestyle changes that will drive banking in the future," he said.

Dozie said that the bank's business remained resilient despite challenges in the operating environment, being the fastest growing retail bank in the country.

"We have the resources and governance structures to enable us ride the current headwinds and take advantage of opportunities that may arise in the future, " he said.