Home Uncategorized Diamond Bank’s Profit Grew by 34% in Q1, 2014

Diamond Bank’s Profit Grew by 34% in Q1, 2014

Diamond Bank Plc records 34.4% increase in profit which grew to N8.44 billion in the first three months of 2014, in contrast to the N6.28 billion it recorded in the first quarter of its 2013 financial year.

The bank in its unaudited result released on the Nigerian Stock Exchange (NSE) recorded an interest income of N38.24 billion, a 13 per cent improvement over the N33.83 billion recorded in the comparable period of 2013.

Net interest income rose by 12 per cent to N27.49 billion compared to the N24.51 billion which it made in the first three months of 2013 while profit before tax (PBT) grew in the three months period by 5.8 per cent from N8.73 billion to N9.24 billion.

The bank’s Q1 results showed a 15.3 per cent in interest expense which rose from N9.23 billion to N10.75 billion. Likewise, total expenses had risen to N23.2 billion from the N18.55 billion which it spent in Q1 2013.

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