There are reports that the current shakeup at Diamond Bank may force the current Group Managing Director, Uzoma Dozie to step down.
Recall that the Bank in a notice to the NSE announced the resignation of several non-executive directors. They are Chairman of the Bank, Mr Oluseyi Bickersteth; other directors, Ms Aisha Oyebode, Mr Rotimi Oyekanmi, and Ms Juliet Anammah.
Although, Mr Uzoma Dozie is expected to steer the transition period preparatory to his stepping down sometime next year.
The Bank had recently faced headwinds with profitability as it faced challenges with its lending to the indigenous oil sector, following the collapse of oil prices. But with the oil price rebound, things are beginning to look better.
According to industry watchers, the bank is in dire need of new capital to fuel growth and profitability. It is thought that the new investors are in global financial services and are said to be ready to wake up the sleeping giant.
In its full-year 2017 financial results its revenue increased from ₦184.1 billion in 2016 to ₦189.6 billion in 2017, the company recorded loss after tax of ₦9.01 billion during the year ended December 2017, as against a profit after tax of ₦3.49 billion in the full-year 2016.
While in its H1 2018 financial statements for the year ended 30 June 2018, it recorded gross earnings of ₦98.5 billion for the period ended June 2018 compared to ₦97.9 billion reported for the period ended June 2017. This represents 1% increase year on year. The bank’s profit after tax for the half year ended 30th June 2018 was ₦1.80 billion, a 78% decrease compared to a profit of ₦8.02 billion recorded in H1 2017.
Diamond Bank Plc commenced operations as a private limited liability company in 1991. By 2005, its shares were listed on The Nigerian Stock Exchange (NSE). Its share prices are currently trading at N1:39 on the floor of the Nigerian Stock Exchange. (Nairametrics)
