Diamond Bank Plc has admitted that it has failed to meet its obligation of releasing of its 2017 year ended December 31, 2017 audited financial results billed to have been to be released by March 31, 2018, as a stipulated post listing requirement of the Nigerian Stock Exchange (NSE).
The bank in a statement to the NSE, however said that due to the stage of review of its accounts by the Central Bank of Nigeria (CBN), it was unlikely that it would be able to comply with the NSE and other regulatory rules guiding release of annual audited financial statements.
It said it has become imperative to inform members of the NSE, esteemed shareholders and other stakeholders that, it cannot release its audited results as required by the NSE.
The statement signed by the bank’s Secretary/Legal Adviser Uzoma Uja reads in parts, “We have become aware that due to the stage of review of our accounts by the Central Bank of Nigeria, it is unlikely that this will be concluded in time for us to comply with the NSE and other regulatory rules guiding release of annual audited financial statements.
We have therefore sought the approval of the NSE and the Securities and Exchange Commission (SEC) for a delayed release. We are optimistic that the accounts will be made available before or by April 30, 2018.
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It can be recalled that Diamond Bank’s profit after tax dipped by 38.34 per cent during the financial year ended December 31, 2016. Its profit after tax also dropped to ₦3.49 billion from ₦5.66 billion recorded in 2015.
Its gross earnings in the year also dropped to ₦212.41 billion from the ₦217.09 billion recorded in the preceding year.
The the bank similarly posted 53 per cent growth year-on-year in total comprehensive income of ₦12.1 billion, while non-interest income inched by 6.9 per cent to ₦53.9 billion, ostensibly stimulated by transaction fees.
Uzoma Dozie, the bank’s Chief Executive Officer, however said that the company’s stable growth continued in spite of the harsh economic headwinds.
Dozie said the bank’s strategies were primed to promote sustainable growth and profitability in the long term, stating that the restructuring of bank’s operating model was a key development completed in 2016.
“Following its successful implementation, the emerging model has improved customer engagement, strengthened Diamond Bank’s value chain approach to business and delivered efficiencies across the bank,” he said.
According to him, the bank will also continue to deepen its retail strategy to mop up low cost funds, expand its credit creation structure and increase market share in all market segments.