Connect with us

/">

BUSINESS

Diamond Bank Reaffirms commitment to Quality Service Delivery, Shareholder Value as it Drives its Retail Strategy

Avatar

Published

on

Diamond-bankk2

Despite the harsh operating environment and strict regulatory framework which calls for caution in the financial industry, Diamond Bank reaffirms its commitment to quality service delivery, sustenance of strong fundamentals and stable profitability for its shareholders.

In a press release made available to the media, the Bank stated that keeping in view with the 2015 full year results as approved by the Central Bank of Nigeria, the Q1 2016 results submitted to the Nigerian Stock Exchange (NSE) and the Securities and Exchange Commission (SEC) as well as the strategic roadmap for Q3 and Q4, its revenue yield and profitability will exceed analysts’ expectations and forecast.

In its operations in Q1, Q2 and extending into Q3 2016, the Bank has continued to deploy new technologies and digital applications to drive financial inclusion, convenient banking, enhanced customer friendly services and its overall retail banking strategy that will enable it focus on driving non-interest income and strengthen explored opportunities to grow its market share. These have positioned the Bank for a better future with strong expectation for improved financial performance in the rest of the business year.

In the Bank’s Q1 2016 result presented to the NSE and SEC, Diamond Bank resiliently buoyed itself above sundry industry turbulences and posted PBT of N6.7bn, averaging monthly PBT of N2.3bn, thus scaling industry expectations and meeting the minimum target for its shareholders for the period under review.

In the first quarter of the financial year, the Bank displayed a strong will to reduce its operating costs and interest expense, which shrunk by 2.8% and 10.3% respectively compared to Q1 2015.

Diamond Bank’s Capital Adequacy Ratio submitted to the the NSE and SEC for Q1, 2016 stood at 16.2%, which is 1.2% higher than the CBN minimum requirement of 15%, with the Bank’s liquidity position standing at 52.4%, higher than the 30% minimum requirement set by the CBN. The Bank also recorded an asset base of N1,821.6 billion at the end of Q1, 2016, making the Bank one of the 10 most solvent banks in Nigeria.

As a “systemically important bank” in Nigeria, Diamond Bank Plc has continued to maintain its global relevance as a financial service provider with a strong and focused management; and is rated one of the biggest banks in the world in the latest Top 1000 World Bank ranking by Financial Times. Diamond Bank Plc, standing as the 6th biggest bank in Nigeria, 20th biggest bank in Africa and 711th biggest Bank in the world, according to the latest ranking, is one of the most liquid and capitalised financial institutions in Nigeria.

According to the Bank’s chief spokesperson, Ayona Trimnell, “Diamond Bank in the last half decade, has continued to sustain strong fundamentals, expand its operational offices across the country, improve on its service delivery, increase its revenue yield and maintain stable profitability for its shareholders”.

Diamond Bank Plc is Nigeria’s fastest growing retail bank, leveraging innovation and technology to enhance customer experiences and drive financial inclusion in what it terms Beyond Banking.

Since incorporation in December 1990, Diamond Bank has challenged the market environment by introducing new products, innovative technology and setting new benchmarks through international standards. Today, Diamond Bank is best placed to respond to changing lifestyles and is leading the digital transformation in response to these societal shifts. Diamond Mobile app, for example, is Africa’s leading banking app and the first with the touch ID feature.

BIG STORY

Nigeria @ 60: Zenith Bank To Reward Customers With Millions In ‘Zenith Beta Life Special Independence Giveaway Promo’ [Details Attached]

Avatar

Published

on

Zenith Bank Plc, Nigeria’s leading financial institution, is celebrating Nigeria’s 60 years Independence anniversary in a big way.

The apex bank is set to commemorate Nigeria’s 60th Independence anniversary with giving away gifts worth N500,000 to one lucky winner and the sum N100,000 to 10 lucky winners.

The Zenith Beta Life Promo draws will take place on October 2nd and 9th, 2020.

For more information, visit www.zenithbank.com/betalife

 

Continue Reading

BIG STORY

Tony Elumelu Named In ‘TIME 100’ List Of The 100 Most Influential People In The World 2020

Avatar

Published

on

TIME has named Tony O. Elumelu, one of Africa’s leading investors and philanthropists, in the 2020 TIME100, the annual list of the 100 most influential people in the world.

The list, now in its seventeenth year, recognises the activism, innovation, and achievement of the world’s most influential individuals. Mr Elumelu, who is one of only four Africans on the 2020 list, is recognised for his track record of business turnaround and value creation, and economic empowerment of young Africans.

Tony Elumelu is the Founder and Chairman of Heirs Holdings, his family owned investment company, committed to improving lives and transforming Africa, through long-term investments in strategic sectors of the African economy, including financial services, hospitality, power, energy and healthcare. He is  the Chairman of top pan-African financial services group, the United Bank for Africa (UBA), which  operates in 20 countries in Africa, the United Kingdom, France, and is the only African bank with a commercial deposit taking licence in the United States. The bank provides corporate, commercial, SME and consumer banking services to more than 21 million customers globally.  Elumelu also chairs Nigeria’s largest quoted conglomerate, Transcorp,  whose subsidiaries include Transcorp Power, one of the leading generators of electricity in Nigeria and Transcorp Hotels Plc, Nigeria’s foremost hospitality brand.

Mr Elumelu is the most prominent champion of entrepreneurship in Africa. In 2010, he created The Tony Elumelu Foundation (TEF), the philanthropy empowering a new generation of African entrepreneurs, catalysing economic growth, driving poverty eradication and ensuring job creation across all 54 African countries. Since inception, the Foundation has funded just under 10,000 entrepreneurs and created a digital ecosystem of over one million as part of its ten year, US$100m commitment through the TEF Entrepreneurship Programme.  Self-funded, the Foundation is increasingly sharing its unique ability to identify, train, mentor and fund young entrepreneurs across Africa, with institutions such as the UNDP, the ICRC and leading European development agencies.

Heirs Holdings, which serves as a corporate role model for African businesses, and the Tony Elumelu Foundation will both celebrate 10 years of impact in November. Their mission continues to be inspired by Mr Elumelu’s economic philosophy of Africapitalism, which positions the private sector, and most importantly entrepreneurs, as the catalyst for the social and economic development of the continent.

The full list of the 2020 TIME100 and tributes appear on time.com/time100.

Continue Reading

BIG STORY

Despite BVN, NIN, FG Orders Nigerians To Re-Register Their Details Or Lose Access To Bank Accounts

Avatar

Published

on

The Federal Government has ordered all account holders in the country’s financial institutions to register their details again.

The order was given despite the possession of the Bank Verification Number and the National Identification Number by account holders.

This new order was disclosed by the government on its Twitter account, @NigeriaGov, on Thursday.

It said, “This is to notify the general public that all account holders in financial institutions (banks, insurance companies, etc) are required to obtain, complete and submit self-certification forms to their respective financial institutions.

“Persons holding accounts in different financial institutions are required to complete and submit the form to each one of the institutions.

“The forms are required by the relevant financial institutions to carry out due diligence procedures in line with the Income Tax Regulations 2019.

“The self-certification form is in three categories: Form for the entity – for controlling person (individuals having controlling interest in a legal person, trustee, etc) – Form for the individual.

“Failure to comply with the requirement to administer or execute this form attracts sanctions, which may include monetary penalty or inability to operate the account.”

The government, however, did not give more explanation on this order.

Continue Reading




JoIn Us On Facebook


Live COVID-19 statistics for
World
Confirmed
33,072,057
Recovered
22,921,374
Deaths
997,669
Last updated: 9 minutes ago






Most Popular

COVID-19 LIVE UPDATE

BE SAFE, STAY AT HOME