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Diamond Bank records a milestone with 3m digital customers

Diamond Bank records a milestone with 3m digital customers

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Leading financial institution in Nigeria, Diamond Bank has recorded a significant growth in its customer base with 3 million digital customers, especially the retail business segment through its digital penetration strategy.

The Bank made the disclosure when it released the second quarter unaudited financial report for the period ended June 30, 2018 to the management and stockbrokers of the Nigerian Stock Exchange (NSE).

The report showed that the Bank’s digital strategy is paying off as the institution recorded a milestone figure of three million digital customers as well as a significant increase in its mobile platform transaction fees.

Non-interest income of the Bank went up 6.4 percent to N18.8 billion on higher fees from retail transactions on mobile platform.

Although the Bank’s net interest income reduced year-on-year by 14.4 percent to N46.2 billion due to lower interest income from loans and investments, and higher interest expense on deposits; impairment charges declined 2.9 percent to N18.39 billion. The Bank’s profit after tax for the first half of the year stood at N2.2 billion.

The Bank said: “Importantly, we have continued to build awareness of Diamond Bank in the wider financial ecosystem to develop new frontiers in retail banking.

“In addition to retail banking, we are investing more resources in our mid-market business banking services to seize the opportunities emerging in that segment. In the second half of 2018, these investments will lead to improved profitability overall.

“Despite a tough six months being reported, the outlook for 2018 remains bright for the Bank as we continue to focus on a return to strong profitability and improvement in other key performance indices.”

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