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WorldStage
Newsonline—The Nigerian Stock Exchange on Wednesday released the second
quarter (Q2) 2013 results of Diamond Bank with profit after tax (PAT)
growing strongly by 27 per cent at N5.9 billion when compared to Q2
2012.
The
results showed that profit before tax grew slower at 17.1 per cent to N
8.826 billion while both net interest income and non-interest income
contributed positively to the increase at 24 per cent to N26.9 billion
and 38 per cent to N9.5 billion respectively
These
positive developments were slightly offset by marked y/y increases in
both operating expenses and loan loss provisions which grew 35 per cent
and 19 per cent respectively.
However,
the magnitude of the increase in provisions in particular proved
significant, doubling to N6.5 billion; as such PBT only managed a 1 per
cent q/q increase.
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