Business News: Value of Local Currency Drives Growth in Q3- Diamond Bank

Diamond Bank says it recorded moderate growth in key financial parameters in the third quarter of 2016. At the release of its Q3 2016 performance scorecard on the floor of the Nigerian Stock Exchange on Friday, the bank also said in the nine months under review, it recorded a growth of 16.9 per cent in total assets, which grew from N1.753tn in the same period last year to N2.05tn.

In statement issued on Friday and made available to Strategic Media via electronic mail by the Team Lead at Corporate Communications,Mr. Ikechukwu Omeife said the growth was driven mainly by the value of the local currency and growth in customer deposits, which surged 13.6 per cent from N1.233bn as of the end of September 2015 to N1.401bn in the current business year. The statement added that the bank’s ability to grow its loan portfolio from N763.634bn to N1.041tn, representing 36.4 per cent increase, was an indication of the bank’s strong ability and network to generate cheap deposits from the retail and middle market segments.