NIGERIAN Stock Exchange on Monday published the first quarter (Q1) 2015 results of Diamond Bank which showed that profit after tax (PAT) grew by 12 per cent to N9.2 billion when compared with Q1 2014, in contrast to a decline of 9.5 per cent in profit before tax (PBT) to N8.4 billion.
The boost to PAT growth came from the other comprehensive income line on which Diamond recorded a positive N2.1 billion result. Interest income grew by 5.9 per cent to N40.487 billion while non-interest income rose by 2.4 per cent to N10.184 billion.
The decline in PBT is partly down to base effects: Diamond’s Q1 2014 PBT of N9.2bn represents its best ever quarter.
Although Diamond actually recorded y/y growth in revenue in Q1 2015 – both funding income and non-interest income grew by low to mid single digits, this was matched by opex growth of a similar magnitude and was ultimately surpassed by a 30 per cent growth in loan loss provisions to N6.5 billion.

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