L – R: Ope Olaniran, Business Group Director, Microsoft; Emezino Afiegbe, Country Manager, Nigeria, Visa; Uzoma Dozie, Chief Executive Officer, Diamond Bank PLC; Barbara Anozia, General Manager, Enterprise Business Unit, MTN; Niyi Ajao, Executive Director, Business Development, NIBSS; Deji Awokoya, General Manager, Beat FM; Yemi Saka, West Africa Consulting Leader, Deloitte and Touche; and Tomi Ogunlesi, Corporate Brand Manager, Interswitch at the unveiling of Tech Fest at Diamond Bank Plc head office on Tuesday, April 10, 2018.
Business

Mobile Banking: Diamond bank soars to record profit of N1.8 billion

287

Diamond Bank Plc said it made a record N1.8 billion in mobile banking revenue in its Q1 2018 unaudited financial results on Friday.

According to documents made available to journalists, the bank recorded a growth in its mobile banking revenue from N1.2 billion in Q1 2017 to N1.8 billion in Q1 2018. Increases were recorded in customer acquisition through digital channels with increases in active account ratios, and the proportion of customers’ transactions completed on its digital platforms.

Commenting on the results, Chief Executive Officer, Mr. Uzoma Dozie said: “At a macro level, the year has begun with positive indicators, such as growth in GDP, declining inflation and rising crude oil prices. Thus, investor sentiment about the economy is becoming more positive as shown by the success of recent bond sales by the Federal Government. We expect these positive trends to continue and I am confident that Diamond Bank is well positioned to capitalize on these, particularly having disposed non-core assets to focus on the Nigerian opportunity.

Uzoma further stated that, “2018 will see Diamond Bank invest more in emerging businesses through an expanded loan offering and support for different activities in trade, agriculture and manufacturing. As emerging businesses continue to flourish, we will also continue to develop services and products to support their needs. ”

The Bank kept operating expenses flat when compared to Q1 2017, whilst its impairment charges declined 18% year-on-year, a reflection on the Bank’s improved loan underwriting and drop in non-performing loan formation. These will go to strengthen performance in the years ahead.

Giving an indication of the Bank’s business plans for the rest of the financial year, the CEO said, “The Bank will continue its drive to use technology to drive financial inclusion and convenient banking with the aid of such products as “ADA”, a 24/7 Artificial Intelligence (AI) chatbot.

“The outlook for 2018 is positive for Diamond Bank. Revenue is expected to grow; operating expense will stabilize and decisive action should result in a decline in loan impairment losses. With the economy showing signs of solid recovery, Diamond Bank has an excellent platform from which to grow and achieve long term sustainable profitability”, concluded Uzoma.

Leave a comment

Related Articles

China’s imports from Nigeria soar to $15.1bln, 36.1% increase

China’s imports from Nigeria have reached an all-time high of $15.1 billion...

Bitcoin Surges to New High on Trump’s Presidential Victory

The price of bitcoin has skyrocketed to a record high of $75,345,...

Polaris Bank wins “Best Mobile App” award at Digital Jurist Awards 2024

For its commitment to digital innovation and excellence, Polaris Bank has again...

SanDisk extreme portable SSD: A must-have for Nigerian remote workers, freelancers

Julius Babarinde As the Nigerian work environment continues to evolve, remote work...

Media capacity-building: Polaris Bank trains 5,000 Nigerian journalists in 10 years

As part of its media capacity-building initiative, Polaris Bank Limited, Nigeria’s leading...

Nigeria to issue diaspora bond in US, targets $1bln monthly remittances

Nigeria is planning to issue a diaspora bond in the United States...

System upgrade: FirstBank enhances supplier’s platform, guarantees uninterrupted, seamless services

FirstBank has reacted to a misleading report circulating in the media regarding...

Reps to CBN: Withdraw old naira notes before December 31 deadline

The House of Representatives has called on the Central Bank of Nigeria...

US-Nigeria trade relationship hits $10bln mark

The United States and Nigeria have achieved a remarkable milestone in their...

NNPC Retail Sensitizes Auto Mechanics on CNG Adoption, Unveils Oleum Lubricant Range

NNPC Retail Limited, a subsidiary of NNPC Ltd, has taken a significant...

Aliko Dangote’s wealth soars to $28bln as his oil refinery comes on stream

Aliko Dangote, Africa’s richest man, has seen his wealth more than double...

Naira Defies Global Trends, Appreciates 5.7% Against Dollar

The Nigerian naira staged a surprising comeback on Monday, appreciating 5.7 percent...

Naira appreciates 4.49% against the dollar, closing at N1,561.76

The Nigerian naira strengthened significantly against the US dollar on Tuesday, closing...

Nigeria’s foreign investment surges by 152% in Q2 of 2024

Nigeria’s foreign investments, also known as capital importation, have seen a significant...

African oil-producing nations secure 45% of $5bln Energy Bank funds

Afnations have made significant progress in establishing the Africa Energy Bank (AEB),...

FG’s fresh fiscal incentives to attract $10bln to oil and gas sector – Edun

The Federal Government unveiled fresh fiscal incentives to enhance Nigeria’s oil and...

UNGA 79: Creative Economy Ministry promotes investmemt drive,secures $200mn Afreximbank fund

The Federal Ministry of Arts,Culture and Creative Economy(FMACCE) had at the just...

UBA reports impressive 39.6 percent growth in gross earnings for first half of 2024

The United Bank for Africa (UBA) has announced a remarkable 39.6 percent...

FirstBank CEO, Alebiosu, at UNGA ’79, harps on financial inclusion in poverty eradication

In an exclusive interview with Arise TV on the sidelines of the...

Naira Plummets to N1,658.48 After Central Bank Raises Interest Rates

The Nigerian naira suffered a significant decline on Tuesday, dropping by 5.8%...