Diamond Bank Stuns Shareholders With Worst Quarterly Result Since 2012 - Investment -

Diamond Bank Plc released its 2015 half year results showing earnings per share dropped year on year by 45% to N0.52 (2015 H1: N0.95) The Bank in its second quarter result posted Net Interest Income of N29.7billion 3.2% higher than the N28.8 billion it posted in the first quarter of the year. However, the bank saw income from commissions and fees rise 14% to N9.5billion. Things however went south for the bank after it posted an operating expense of N27 billion (N24.1billion). Diamond Bank also continued to take in impairment charges recording another N6.5billion this quarter alone. Most of its provisions have come from bad overdraft loans The Bank has now provided for a cumulative loan loss of N65billion since Q1 2013. We also noted that the bank’s deposits dropped significantly by 9% to N1.4trillion Also of note was the fact that the bank lent about 18.7% of its Loans and Advances to other banks.