Diamond Bank posts 25.5 % drop in profit

By Moses Ebosele – 
  For the first six months of 2016, Diamond Bank Plc recorded Profit After Tax (PAT) of N9.05 Billion, a decline of 25.5 per cent when compared to N12.3 Billion attained within same period in 2015.
 Also within the period, deposit from customers dropped to N13.6 Billion, representing 34.09 per cent  when compared to N20.7 Billion generated by the Bank in 2015.
 In its financial statement released to the Nigeria Stock Exchange (NSE) on Thursday, the Bank explained that long term borrowing increased by 16 per cent to N164 Billion when compared to the N141.4 billion recorded as at December 31, 2015.
 Meanwhile, basic earnings of the Bank  per share declined by 25 per cent from 52 kobo to 39 kobo at the end of half year 2016.