Diamond Bank re-strategises for performance in 2013

DIAMOND Bank Plc may have re-strategised for efficient operations that would enhance its general performance this year.

InvestingInAfrica.net, a continental field guide to profitable opportunities in African stock markets disclosed this in a research conducted on African Best 10 stocks.

According to the report, Diamond Bank have laid the groundwork for exceptional performance in 2013, noting that in 2012, the bank increased its lending to customers by 38 per cent and deposits surged 29 per cent.

The bank also embarked on a series of strategic initiatives set to reposition it for keener competition, which include the development of a robust risk management framework, implementation of sustainable banking initiatives, enhanced retail banking drive amongst others.

The financial institution currently referred to as a market leader in the retail banking segment, has various offerings catering to different market segments.

The report said the bank’s net interest margin of nine per cent as at the second quarter of 2012 remained one of the best in the industry.

InvestingInAfrica.net also said Diamond Bank emerged third best stock out of 10 in sub-Saharan African stocks of 2012 that it conducted research on.

It also recorded 158.4 per cent dollar capital appreciation, compared with International Breweries’ 172.5 per cent and Cadbury Nigeria Plc’s 159.5 per cent capital growth.

The research excluded South African stocks from the list of stocks it carried research on, noting that after posting a loss in 2011, Diamond Bank put up great numbers in 2012, remarking that over the first nine months, the management of the bank more than doubled operating profits.

The performance was measured as at December 14, 2012 and each stock recorded an average trade volume greater than $10,000 per day over the previous 30 days.

The report noted that Nigerian companies dominated this year’s list of the best-performing stocks in frontier Africa, adding that the domination may be an understatement as first, second, and third place all went to Nigerian stocks and all but four of 2012?s 10 biggest gainers hail from Africa’s most populous nation -Nigeria.