BreakingNews 12/3/16 - Diamond Bank Says Shareholders Should Expect Drop in 2015 Earnings

[ Masterweb Reports: Busayo Samuel reports ] - Shareholders and investors have been told by Diamond Bank Plc that they should not expect a wonderful financial performance  for the financial year ended December 31, 2015 as  revenue as well as profit are expected to drop compared to 2014 performance.


The bank says the continuing deterioration in Nigeria’s macro-economic conditions has resulted in its recognising higher than expected impairment charges on loans made to the Energy and Commercial Business sectors.


“In light of these deteriorating conditions, and subsequent review of Diamond Bank Plc’s management accounts for the financial year ended December 31, 2015, preliminary indications are that earnings will be lower than in 2014.’ A statement from the Bank disclosed.


Detailed financial statements for the year ended December 31, 2015 are expected to be released on or before March 31, 2016.

According to the statement : “Diamond Bank wishes to reiterate that in recent years it has deployed considerable resources in building a dependable risk management framework, and the quality of its loan portfolio in general, remains high.”

Meanwhile, the Bank says its remains determined to deliver on its stated strategy of creating Nigeria’s leading technology-led retail bank.


“Already, in 2016 the business has made significant changes to its operating structure that will result in reductions in operating costs. Further investment has been made to improve customer relationships and revenue in our core business segments.”, it says trough a statement.


*Photo Caption - A Diamond Bank branch



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