Diamond Bank Plc. has urged its esteem shareholders to take advantage of the banks ongoing offer to expand their stake in the bank.
Addressing brokers during the banks presentation of its Fact Behind the Figure on the floor of the Nigeria Stock Exchange Wednesday in Lagos, the Group Managing Director, Diamond Bank, Dr Alex Otti stated that the offer which he said will be oversubscribed has its own unique benefit to subscribers given the discount associated with it.
He noted that the proceed of the offer, through the bank set to raise N50.37 billion via right issue will be diverted the development of the banks IT infrastructure, supporting the banks capital and expansion and refurbishment of the banks business location.
Speaking on the retail segment of the banks business Otti stated that the bank is commitment to continues support to the Small and Medium Scale Enterprise (SMEs) adding that Diamond Bank has been in the business of giving support to budding entrepreneurs through provision of necessary financial information, training and empowering them among others support. He assured that the bank is presently in partnership with the world bank aimed at supporting the SMEs.
On banks performance in the half year ended 30th June, 2014, he assured that the bank has over the years put in place strategies that will position it to withstand all challenges in the operating
environment stressing that increase in Cash Reserve Requirement (CRR) which has already impacting negatively on other banks performance will never be the case of Diamond bank.
In spite all other challenges, Otti said that Diamond Bank in its half year result made an impressive performance as it posted N13.8 billion profit after tax, a nine per cent increase over its figure of last
year. In the same period, he said the bank grew total income of N14.1 billion, representing 19 per cent surge over N11.9 billion in 2013.
Otti, said the development demonstrated the bank’s ability to grow its profit and maintain its business targets.
“We are pleased to release the latest set of results which demonstrate the bank’s ability to improve on our success in the previous years despite regulatory headwinds”, he stated. He said the bank “maintained strong deposit growth especially from the retail segment of the market.”