Diamond Bank  office

Diamond Bank Plc yesterday became the first bank to release its financial figures for the third quarter (Q1) ended September 30, 2012; showing a profit after tax of N18.17 billion.
The bank had posted a loss of N6.1 billion in the corresponding period of 2011. But shareholders of the bank should be salivating as it has bounced back into profitability, which is expected to be improved upon by the end of the year.

The unaudited result released on the floor of the Nigerian Stock Exchange (NSE) showed gross earnings of N110.108 billion in 2012, up from N74.646 billion in 2011. Profit before tax is N23.216 billion, compared with a loss of N6.924 billion in 2011, while profit after tax is N18.17 billion as against a loss of N6.1 billion in 2011.

The Nigerian equities market continued its impressive performance Tuesday with the market recording a year-to-date (YTD) return of 29 per cent driven by Diamond Bank shares which rose by a maximum 10 per cent to a 13-month high of N4.07 following the release of the Q3 result.

At the end of yesterday’s trading session, most major market indicators closed firmer led by the twin market gauge. The NSE All-Share Index appreciated by 0.83 per cent to close at 26,840.87 points, compared with the appreciation of 0.67 per cent recorded the previous day. Also, the market capitalisation of listed equities appreciated by N71 billion to close at N8.54 trillion.

The banking subsector of the Financial Service Sector remained the most active in terms of the volume of shares traded. It led the equities sector with a turnover of 269.06 million shares valued at N2.10 billion made in 3,085 deals.

Trading activities was up today by about 50 per cent, leading to an increase in traded value as 426 million shares worth N3.05 billion in 5,668 deals changed hands compared to 209 million units of shares worth N1.67 billion in 4,271 deals the previous day.