According to a statement released by the bank, it recorded an impressive growth of 638 per cent in profit before tax and exceptional items, from a negative of N1.2bn in the corresponding period last year, to N7.0bn in the period ended September 30, 2010. It added that its balance sheet grew by1.56 per cent, while its liquidity ratio stood at 40 per cent, which was 15 per cent above the minimum regulatory ratio of 25 per cent.
Speaking on the result, the Managing Director, Diamond Bank, Mr. Emeka Onwuka, affirmed that the bank was making steady progress.
He stated, ”I am happy to announce that Diamond Bank has made good progress in the last quarter in consolidating its position in the banking sector by delivering a third consecutive profitable quarter. We have maintained our high liquidity and strong capital adequacy positions, with both being well above the Central Bank of Nigeria‘s requirements, to support our continued growth.
“Through the implementation of Project Sparkle, we continue to focus on cost efficiency and the Group‘s cost to income ratio has improved in the last quarter, while staff productivity continues to improve.”
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