Diamond Bank Posts 57.6% decline in PAT

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The board and management of Diamond Bank seem to be at crossroads concerning a planned recapitalisation and capital injection by new investors.

the bank had announced the resignation of its Chairman, Oluseyi Bickersteth and three other non-Executive Directors. Reports then emerged of new investors taking up a stake, and the bank’s Group Managing Director, Uzoma Dozie stepping down early next year.

A fresh press statement from the bank debunked such claims. The erstwhile board Chairman, Oluseyi Bickersteth also maintained that he remained on the company’s board and stated that he was open to any form of recapitalisation including a rights issue and new investors.

Group Managing Director of the bank, Uzoma Dozie also disclosed that the Dozie family could consider all options, but there were none on the table.

Amidst all these reports, the bank released its results for the third quarter ended September 30, 2018, and they showed a decline in both top and bottom line.

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