Diamond Bank grows revenue from digital banking in Q1

Diamond Bank Plc said it recorded growth in its mobile banking revenue from N1.2bn in the first quarter of 2017 financial period to N1.8bn in the corresponding period of 2018.

According to a statement from the bank, this was contained in its 2018 first quarter unaudited financial results released on the floor of the Nigerian Stock Exchange, highlighting realignment in its group structure with a strong focus on the Nigerian market and retail business through its digital penetration strategy.

It stated that 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, the Chief Executive Officer, Mr. Uzoma Dozie, stated, “At a macro level, the year has begun with positive indicators, such as growth in Gross Domestic Product, 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 capitalise on these, particularly having disposed non-core assets to focus on the Nigerian opportunity.

“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”.

According to the statement, the bank kept operating expenses flat when compared to Q1 2017, while its impairment charges declined by 18 per cent year-on-year, a reflection on the bank’s improved loan underwriting and drop in non-performing loan formation. It added that 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, Dozie 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 chatbot.”

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