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Diamond Bank Records 266% Growth in Profit In what clearly reflects a successful financial year ended April 30, 2004, Diamond Bank has recorded a 266 per cent growth in profit after tax (PBT) from N317.4 million in 2003 to N1.162 billion in 2004. According to the full-year financial statement just released at its Head Office in Lagos, gross earnings rose by 10.5 per cent from N9.0 billion in 2003 to N9.97 billion in 2004, while deposit base rose by 3.0 per cent from N42.1 billion in 2003 to N43.4 billion during the year. The Bank's total assets also grew by 16.5 per cent during the year from N59.3 billion in 2003 to N69.1 billion in 2004. The Bank also made a remarkable growth in profit after tax (PAT), which rose by 141 per cent from N345.8 million in 2003 to N833.5 million in 2004, while shareholders' funds rose from N5.0 billion in 2003 to N6.5 billion in 2004, indicating a 30.4 per cent growth. During the year in review, the Bank increased its branch network from 43 in 2003 to 51 in 2004 with the opening of eight new financial shops in Uyo, llorin, Sokoto, Bauchi, Akure, Yola, Katsina, and Minna. With the expected coming on stream of another ten new branches during the 2005 financial year, Diamond Bank will boast of a network of approximately 61 branches by April 2005. The Bank's year 2004 results reflect a dramatic turnaround in its fortunes and indicate a full return to Diamond Bank's prior years' profitability trend. Evidently. the Bank has fully recovered from the lull in its performance during much of 2002/03. Inside sources indicate that the results are a pointer to an even more auspicious operating outcome in 2005, going by its first quarter management accounts. Diamond Bank adopted a flat structure at the beginning of the current financial year, and refocused its business strategy to target more aggressively the retail segment of the market in which it has traditionally done very well. At the forthcoming AGM slated for Monday, August 23, 2004, shareholders would review the Bank's performance and fine tune strategies to bolster performance in 2005. Who Are We ? | About THISDAYOnLine.com | THISDAY People | Contact Us © Copyright 2000 Leaders & Company Limited

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