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Nigeria’s Diamond Bank records N2.2bn profit in H1

Nigeria’s Diamond Bank records N2.2bn profit in H1

Diamond Bank has released its second quarter unaudited financial report for the period ended June 30, 2018 to the management and stockbrokers of the Nigerian Stock Exchange (NSE), which saw the bank’s profit after tax for the first half of the year stand at N2.2 billion.

The report showed that the bank’s digital strategy is paying off as the institution recorded a milestone figure of three million digital customers as well as a significant increase in its mobile platform transaction fees.

Non-interest income of the bank went up 6.4% to N18.8 billion on higher fees from retail transactions on mobile platform while customers’ loan volume decreased by 3.6% to N728.7 billion as maturities exceeded new loans during the period but investments in fixed income securities increased 8.0% to N241.7 billion over the same period, according to the report.

Commenting on the result, Chief Executive Officer, Mr. Uzoma Dozie said: “At a macro level, the Nigerian economy continued to record improvements because of stable, higher than anticipated oil prices.”

Tags: Banking, Economy
Source:Naija247news

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