Connect with us

Finance

Diamond Bank Records Growth in Q3 2016

Published

on

Diamond
  • Diamond Bank Records Growth in Q3 2016

Diamond Bank says it recorded moderate growth in key financial parameters in the third quarter of 2016.

At the release of its Q3 2016 performance scorecard on the floor of the Nigerian Stock Exchange on Friday, the bank also said in the nine months under review, it recorded a growth of 16.9 per cent in total assets, which grew from N1.753tn in the same period last year to N2.05tn.

A statement on Friday by Ikechukwu Omeife, Team Lead at Corporate Communications, said the growth was driven mainly by the value of the local currency and growth in customer deposits, which surged 13.6 per cent from N1.233bn as of the end of September 2015 to N1.401bn in the current business year.

The statement added that the bank’s ability to grow its loan portfolio from N763.634bn to N1.041tn, representing 36.4 per cent increase, was an indication of the bank’s strong ability and network to generate cheap deposits from the retail and middle market segments.

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

Advertisement
Advertisement