Diamond bank is aiming to make more loans this year as its profit for half year 2011 plunged 67% and its stock price keeps plummeting as a result of poor financial results.
Aug 10 (Lagos) - Diamond bank aims to boost its loans by 25% to N 400 billion ($ 2.6 billion) this year, CFO Abdulrahman Yinusa told Bloomberg. Diamond bank did not require a bailout in 2009 from the CBN.
However its profit for half year 2011 dropped by 67% to N 2 billion. Its revenue also declined in the same period. Therefore this strategy of boosting loans in order to improve its earnings does not come as a surprise. The bank feels that it needs to do something to correct its performance in the second half of this year.
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