Diamond Bank customers deposit drops 34% in H1 2016
By Kayode Ogunwale

 
Diamond Bank Plc has reported a huge decline in its customers deposits for unaudited consolidated and separate financial statements for the half year ended 30 June 2016.

The lender’s deposits from customers in the result released to the Nigerian Stock Exchange (NSE) Thursday in Lagos declined by N7.082 billion, represented 34.09 per cent, from N20.777 billion realized during the same period of 2015 to end half year 2016 with N13.695 billion.

However, Diamond Bank loans and advances to customers sinked by N15.016 billion, translated to 25.06 per cent when compared with N59.926 billion loaned and advanced granted to customers in half year 2015, dropped to N44.910 billion in half year 2016.

The liabilities of the rose from N1.538 trillion reported in half year 2015 to N1.739 trillion during the half year 2016. Although, it’s total assets increased from N1.753 trillion to N1.971 trillion at the end of review period.

Basic earnings per share dropped massively from 52 kobo to 39 kobo at the end of half year 2016 which was 25 per cent difference.

The interest and similar income also felled by N15.402 billion from N83.165 billion in 2015 to N67.763 billion in 2016. While its interest and similar expenses dropped from N24.544 billion in 2015 to N17.796 billion in half year 2016.

The net operating income down by N7.975 billion, from N65.417 billion to N57.442 billion.

Profit before tax fell from N14.193 billion to N10.486 billion at the end of half year 2016, this represented N3.707 billion drop.

It’s profit after tax dropped drastically by N3.101 billion or 25.51 per cent when compared with N12.155 billion it retained as profit in half year 2015, to end 2016 with N9.054 billion.

Year to date, Diamond Bank share price has lost 30.43 per cent of its value.