diamond bank investor call presentation fy10 1q11 results
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8/7/2019 Diamond Bank Investor Call Presentation FY10 1Q11 Results
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Investor call presentation
8/7/2019 Diamond Bank Investor Call Presentation FY10 1Q11 Results
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Forward looking statementsThis presentation contains or incorporates by reference ‘forward-looking statements’ regarding the belief or current
expectations of Diamond Bank, the Directors and other members of its senior management about the Group’s businessesand the transactions described in this presentation. Generally, words such as ‘‘could’’, ‘‘will’’, ‘‘expect’’, ‘‘intend’’,‘‘anticipate’’, ‘‘believe’’, ‘‘plan’’, ‘‘seek’’ or similar expressions identify forward-looking statements.
These forward-looking statements are not guarantees of future performance. Rather, they are based on current views andassumptions and involve known and unknown risks, uncertainties and other factors, many of which are outside the controlof the Company and/or its Group and are difficult to predict, that may cause actual results to differ materially from anyfuture results or developments expressed or implied from the forward-looking statements. Such risks and uncertaintiesinclude, but are not limited to, regulatory developments, competitive conditions, technological developments and general
.this presentation.
Any forward-looking statement contained in this presentation based on past or current trends and/or activities of DiamondBank should not be taken as a representation that such trends or activities will continue in the future. No statement in this
resentation is intended to be a rofit forecast or to im l that the earnin s of the Com an for the current ear or future
years will necessarily match or exceed the historical or published earnings of the Company. Each forward-lookingstatement speaks only as of the date of the particular statement. Diamond Bank expressly disclaims any obligation orundertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect anychange in Diamond Bank’s expectations with regard thereto or any change in events, conditions or circumstances on whichany such statement is based.
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Outline
• Opening Statement and Strategy (by Alex Otti, GMD)
• 2010 Financial Performance (by Abdulrahman Yinusa, CFO)
• ,
• Q1 2011 Financial Performance (by Abdulrahman Yinusa, CFO)
• Concluding Remarks (by Alex Otti, GMD)
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2010 Performance Analysis
(N’Bn) Bank Subsidiaries Group
Gross Earnings 85.7 5.3 91.0 The high provision for losses of N22.9billion in the Profit and Loss Account was
Comments
Operating Income 70.3 3.9 74.2
Operating Expenses (43.1) (3.5) (46.6)
ue o e o ow ng:
Bank (provision for losses of N17.7billion)
From existing NPLs (charge of N9.9 billion)
Operating Profit 27.2 0.4 27.6
Provision for Losses (17.7) (5.2) (22.9)
rom new s c arge o . on
Subsidiaries (provision for losses of N5.2billion)
Underwritin commitment loss of N3.7
Profit/(Loss) Before Tax 9.5 (4.7) 4.8billion in our investment bankingsubsidiary (Diamond Capital)
Diminution in collateral value of N0.7billion relating to investment in hospitalitybusiness by Diamond Capital
4
Others – N0.8 billion
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2011 Provisioning: Our preliminary view
Impact on P&L (N’Bn)
The initial estimated rovisions for losses in 2011 are
N30 billion projected provisions in 2011
Operating Profit 35.0 / 40.0
Provision for Losses (Circa) ~ (30.0)
broken down as follows:
Impact of divestment from subsidiaries ~ N10.0bn
Net impact from existing NPLs ~ N12.0bn
Profit/(Loss) Before Tax 5.0 / 10.0Net impact from new NPLs ~ N4.0bn
General provision on performing loans ~ N4.0bn
New management’s preliminary view on the impactof provisioning in 2011 will be updated after the team
Comments
5
completes its first ‘100 days’ at the time of the halfyear results conference call expected in July
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Overview
Strong presence in Nigeria – 215 branches across36 states including the FCT (target 300+ branches)
West Africa Expansion
Coverage and Channels
The Bank’s Business Segments are split between RegionalBusiness and Corporate Banking as follows:
Regional Business
Core Business Segments
Benin Republic with over 15 branches
Togo, Senegal and Cote D’Ivoire
ATMs, Contact Centre
Internet Banking, Mobile Banking
Specifically our regional business is made up of RetailBanking and Middle Market Corporate Banking, which wecall National Corporate:
Retail Banking
Focus on Core BusinessEvolving into an international commercial bank froma universal bank.; disposing of non-banksubsidiaries:
o Micro, Small and Medium Sized Enterprises (MSMEs)
National Corporateo Middle Market Corporates
Corporate Banking
ADIC Insurance Ltd, Diamond Capital andFinancial markets Ltd, Diamond Securities Ltd,Diamond Pension Fund Custodian Ltd,Diamond Mortgages Ltd and DiamondRegistrars Ltd
We are a niche player in Corporate Banking focusing on thefollowing market segments:
o Multinational Corporationso Specialised Industrieso Public Sector Institutions
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Fitch: A-, GCR: A-
Current Credit Ratingo Financial Institutions
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2011 Strategic Priorities
Corporate BankingReverse the recent declineAccelerate growth going forward
People changeRisk managementRelationship management
Retail BankingConsolidate low-cost deposit mobilization
Sustain a higher than average NIM
en or s a op m za on nc u ng aExecutive levelFewer and better
on nue r s asse grow a ow e nquency eve s
Customer experienceCustomer centric organization
Project SparkleOpex has been stabilizedContinue to yield cost reductions
DisciplineAdherence to process and policy
Risk managementVery experienced new Head of RiskSignificant strengthening across theboard
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mp emen consequence managemen – c earaccountability
More intensity and focus on recoveriesof NPL’s
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Improve Shareholders’ Value
24.6 27.6
Deposits (N’Bn)Operating Profit and PBT (N’Bn)
35.0/40.0
1.2%
2009 2010 2011 est 2012 est
ROE
> 1.5%
-23.8
.
2009 2010 2011 est 2012 est
. .
Operating Profit PBT
Cost of Risk
-11.1%
Comments
10.4%
6.4%< 5.2%
Outlook for 2012 is for a return to normal provisioning
Tier 2 capital will be used to finance additional capitalrequirements in the foreseeable future
8
2009 2010 2011 est 2012 est
2010 dividend per share of 15 kobo in line with our
dividend policy
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Outline
• Opening Statement and Strategy (by Alex Otti, GMD)
• 2010 Financial Performance (by Abdulrahman Yinusa, CFO)
• ,
• Q1 2011 Financial Performance (by Abdulrahman Yinusa, CFO)
• Concluding Remarks (by Alex Otti, GMD)
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Group Operational Highlights
6.8 7.48.5
Deposits (N’Bn)Operating Profit (QoQ, N’Bn)7.4%
6.4%
Cost of Funds
4.9 4.5%3.7% 3.4%
-1.4Dec. 2009 Mar. 2010 Jun. 2010 Sept. 2010 Dec. 2010
Cost to Income Ratio
ec. ar. un. ept. ec.
Net Interest Margin
70.9% 70.1%
66.4%64.4%
62.8%
7.4% 7.9%9.2% 9.7% 10.1%
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Dec. 2009 Mar. 2010 Jun. 2010 Sept. 2010 Dec. 2010 Dec. 2009 Mar. 2010 Jun. 2010 Sept. 2010 Dec. 2010
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Group Financial HighlightsStrong Operating Income – N74.2 billion in Dec. 2010 (Dec 2009 – N68.8 billion –12 months)
Net Interest Margin (NIM) still strong – above 10%
Return to profitabilityEarnings
Improving risk asset quality
Non–performing loans ratio down to 14.8% in Dec 2010 (Dec 2009 – 18.2%)Asset Quality
Capital Adequacy Ratio of 16.6% (Bank – 18.7%) against CBN benchmark of 10%
Liquidity ratio of 42% against Central Bank benchmark of 25% (now 30%)Funding and Liquidity
. –
Low-cost deposits – 73% of total deposits (Dec. 2009 – 51%)Strong Growth
Cost to income ratio down to 63% (2009 – 71%)Efficiency and
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Stable cost base of +5% growth despite double digit inflationProfitability
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Profit and LossGroup
Dec. 31, 2010
N' billion
Group
Dec. 31, 2009(8 months)
N' billion
Group
Dec. 31, 2009(12 months)
N’ billion
YoY
%
Bank
Dec. 31, 2010
N' billion
Bank
Dec. 31, 2009(8 months)
N' billion
Bank
Dec. 31, 2009(12 months)
N’ billion
YoY
%
Gross Earnings 91.0 67.7 108.0 (15.7) 85.7 64.7 102.6 (16.5)
Net Interest Income 49.0 25.8 42.2 16.1 49.2 24.7 40.3 22.1
Other Income 25.2 16.6 26.6 (5.3) 21.1 15.6 24.6 (14.2)
Operating Income 74.2 42.5 68.8 7.8 70.3 40.2 64.9 8.3
Operating Expenses (46.6) (30.1) (44.2) (5.4) (43.1) (27.4) (38.9) (10.8)
Operating Profit 27.6 12.4 24.6 12.2 27.2 12.8 26.0 4.6
Provision For Losses (22.9) (24.7) (48.4) 52.7 (17.7) (21.9) (42.3) 58.2
12
. . . . . .
Profit / (Loss) After Tax 1.3 (8.2) (16.8) 6.5 (4.9) (9.7)
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Balance sheetGroup
Dec. 31, 2010N' billion
Group
Dec. 31, 2009N' billion
YoY
%
Bank
Dec. 31, 2010N' billion
Bank
Dec. 31, 2009N' billion
YoY
%
. . . . . .
Risk Assets 312.2 329.8 (5.3) 312.9 323.8 (3.4)
Other Assets 26.6 33.4 (20.4) 11.7 21.9 (46.6)
Investments 73.5 68.4 7.5 67.0 58.3 14.9
Fixed Assets 36.8 37.6 (2.1) 34.4 34.9 (1.4)
Total Assets 594.8 650.4 (8.5) 548.4 604.0 (9.2)
Deposits 412.0 482.1 (14.5) 378.7 449.0 (15.7)
Other Liabilities 47.4 43.2 9.7 24.5 25.6 (4.3)Borrowings 28.3 19.0 48.9 28.3 19.0 48.9
Equity 107.1 106.1 0.9 116.9 110.4 5.9
Total Liabilities 594.8 650.4 (8.5) 548.4 604.0 (9.2)
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Off Balance Sheet 228.8 124.0 84.5 155.4 55.3 181.0
Balance Sheet Size 823.6 774.4 6.4 703.8 659.3 6.7
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Group Balance Sheet Structure’ ’
330
71 64650
595774 824
482412
epos s na ance ee ze n
181 146
Dec. 2009 Dec. 2010
Cash and short term investmentsLoan and Advances to Customers
330 312
Dec. 2009 Dec. 2010
Investments SecuritiesFixed and Other Assets
650
Total Liabilities Trend – Funding Mix (N’Bn)
Balance sheet size up 6.4% to N824 billion in Dec. 2010 (Dec
Comments
Total assets and Contingents Deposits Loans & Advances
482 412
6276
106 107 2009 – N774 billion. The growth was largely due to increase inContingents by 84.5% to N229 billion
Drop in deposit was to rebalance the cost structure of thebalance sheet, and minimize deposit concentration
Low-cost de osits now accounts for over 73% of total de osits
14
Dec. 2009 Dec. 2010
Customers Deposits Other liabilities Shareholders funds
(Dec 2009 – 51%)
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Group Loan Portfolio Analysis
2010Loans by Category – 2010Gross Loans by FacilityType – 2010
2009Loans by Category – 2010Gross Loans by FacilityType – 2009
Chart TitleGross loan analysis by maturity – Dec2010 (2009)
N345Bn (N374Bn)
23%
0 - 30days 30%(38%)
1-3 months 16%(29%)
3-6 months 8%
ec
Dec 2009
22%
5%
69%
8%
(3%)
6-12 months 10%(6%)
Over 12 months36% 24%
Comments
15
Term loans Overdrafts Other Loans64% of the loan portfolio maturity falls within 12months while 36% are medium to long term loans
10% of the loan portfolio relates to an exposure inpower generation
Term loans Overdrafts
Other Loans
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Group LendingDec-10Gross Loan Breakdown – Dec 2010 (2009)
N345Bn (N374Bn)374 341 345400
Gross Loans, Non Performing Loans (N’Bn)
21%
2%
2%1%1% 1%
General Commerce 21% (19%)
Oil & Gas 18% (16%)
Manufacturing 16% (13%)
68 64 51
0
200
Dec. 2009 Jun. 2010 Dec. 2010
18%
6%
5%ea state onstr.
Power 8% (8%)
Consumer Credit 7% (4%)
Communication 6% (11%)
. . .
Gross Loans Non Performing Loans
Loan to Deposit Ratio
16%
11%
8%
7% Transport 2% (3%)
Capital Market 2% (6%)
Finance & Insurance 1% (3%)
77.5% 74.0% 83.7%
16
Mortgage 1% (1%)
Dec. 2009 Jun. 2010 Dec. 2010
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Group NPL Analysis
13%
12%
Oil & Gas (Energy)
General Commerce
Manufacturing
NPL by Sector (Dec. 2010)
34% 40%
NPL by Category
N51.1BnN68.2Bn
34%
6%
4%3%
1%
Transp & Comm
Capital Market
Real Estate & Mortgage
Others
N51.1Bn 42%27%
24% 33%
Dec. 09 Dec. 10
Consumer Credit Substandard Doubtful Lost
NPL by Sector (Dec. 2009)
18%
21%
10%
Oil & Gas (Energy)Manufacturing
Transp & Comm
Capital MarketN68.2Bn
17
20%
16%
10%3%
2%
Others
Consumer Credit
Agriculture
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Group Asset quality
18.2%14.8%
NPL Ratio
64.5% 64.1%
Coverage Ratio
Dec. 2009 Dec. 2010 Dec. 2011 Dec. 2009 Dec. 2010 Dec. 2011
10.4%
Cost of Risk
NPL ratio improved to 14.8% in 2010 (Dec. 09 – 18.2%)
Cost of risk also improved to 6.4% in Dec. 2010 (Dec. 09 –10.4%),target < 5% in 2011
Comments
6.4%
N20 billion currently in the process of being sold to AMCON, whileadditional N20 billion is being projected to be sold in Q3 2011
AMCON sale impacted marginally on Profit and Loss
18
Dec. 2009 Dec. 2010 Dec. 2011
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Group Capital and Liquidity
Cash &Equivalent
TreasuryBills 35%
Liquid Assets –Dec. 2010 (2009)
19.5%16.6%
Capital Adequacy
Placement29% (39%)
10% 10%
Dec. '2009 Dec. '2010
Liquidity Comments
Actual CAR Stat. Minimum Requirement
37.6%41.5%
25% 25%
ea y qu y a , a ove s a u ory m n mum o
Tier 2 capital inflow expected to facilitate growth and promotecapacity for transaction
The need for Tier 2 capital inflow will be moderated by capitalrelease followin the sale of subsidiaries
19
Dec. '2009 Dec. '2010Liquidity Stat. Minimum Requirement
Tier 1 increase not planned in the foreseeable future
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Bank Funding Mix & Deposits Composition
41.1
91.4
Deposit by Type
N449.0bn
50% 44% 36% 26% 26%
Building Stable Low Cost Funding Base
N378.7bn
181.8 189.0
.98.3
Dec. 2009 Dec. 2010
50% 56% 64% 74% 74%
Dec. 2009 Mar. 2010 Jun. 2010 Sep. 2010 Dec. 2010 . .
Savings Time DemandTime Deposits Demand & Savings Deposits
Loans & AdvancesDeposit Mix, By Business Segments –2010 (2009) Comments
Retail Banking47% (23%)
NationalCorporate 29%
(37%)
Increasing influence of Retail Banking leading torising low cost deposit and reduced concentrationriskGrowth of over 100% YoY recorded in savingsaccount deposits
20
Banking 24%
(40%)
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Bank Revenue Composition
24.0% 25.0% Non Int.Income
Revenue mix
7.7%
Cost of funds
76.0% 75.0% Int.Income
3.4%
Dec. 2009 Dec. 2010
Net Interest Margin -QoQNet interest margin (NIM)Yield on earning assets
Dec. 2009 Dec. 2010
7.4%
10.6%16.6% 15.2%
21
Dec. 2009 Dec. 2010Dec. 2009 Dec. 2010
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Bank Operational Highlights
6.67.6 8.1
Deposits (N’Bn)Operating Profit (QoQ, N’Bn)
6.7%
Cost of Funds
4.9.
3.9% 3.4%
Mar. 2010 Jun. 2010 sep. 2010 Dec. 2010
Cost to Income Ratio
ar. un. sep. ec.
Net Interest Margin
67.4%
63.7%
61.7% 61.4%
8.2%9.4% 9.9% 10.6%
22
Mar. 2010 Jun. 2010 sep. 2010 Dec. 2010 Mar. 2010 Jun. 2010 sep. 2010 Dec. 2010
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Bank Staff Productivity
28,267
Operating Income Per Staff
N’000
36.8%
Staff Cost to Total Cost
19,99123,312
.33.9%
Dec. 2008 Dec. 2009 Dec. 2010 Dec. 2008 Dec. 2009 Dec. 2010
Continued improvement expected as a result of fullimplementation of Project Sparkle initiatives
Key Operational Enhancements
23
Growth in staff productivity attributable to increase incentralised processing
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Outline
• Opening Statement and Strategy (by Alex Otti, GMD)
• 2010 Financial Performance (by Abdulrahman Yinusa, CFO)
• ,
• Q1 2011 Financial Performance (by Abdulrahman Yinusa, CFO)
• Concluding Remarks (by Alex Otti, GMD)
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Bank Business segment performance – snapshot
176.7154.8 163.2 175.8
Deposits (N’Bn)Deposits (N’Bn)
Impressive growth of 61% in retail liabilities
Comments
75.4110.0 .110.8
90.1
Dec. 2008 Dec. 2009 Dec. 2010
gn can rop n vo ume o g cos corpora e
fixed deposits
e a an ng a ona o rpora e e ar e orpora e an ng
Deposits (N’Bn)Risk Assets (N’Bn)
6.0 9.7 27.2
203.0173.5 174.6
135.3 140.6111.1
Retail now 9% of total risk assets after 180%
increase (YoY)
National Corporate (Middle Market) remains the
25
Dec. 2008 Dec. 2009 Dec. 2010
Retail Banking National Corporate (Middle Market) Corporate Banking
om nant mar et segment
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Nigeria’s fastest growing Retail Bank
455
Deposits (N’Bn)Retail Monthly Fee Revenue (N’mn)
30% 35%
41% 47%
Deposits (N’Bn)Retail Deposits to Total Deposits (%)
242317 313
Dec. 2009 Mar. 2010 Jun. 2010 Sept. 2010 Dec. 2010 Dec. 2009 Mar. 2010 Jun. 2010 Sept. 2010 Dec. 2010
161177
Deposits (N’Bn)Deposits (N’Bn)
Retail Banking now contributes around one third of the bank’s income’
Comments
110 129
.
As our customer base grows, the recurring monthly fee income willcontinue to grow giving consistent, steadily increasing fee income.
Daily product sales numbers were 50% higher in last quarter 2010compared to 2008 – averaging 1,800 per day.
26
Dec. 2009 Mar. 2010 Jun. 2010 Sept. 2010 Dec. 2010
Growth in Retail liabilities has helped to push down COF andincrease in percentage of low-cost deposits to total deposits
We have a very effective Direct Sales Force of 1,000 outsourcedagents
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Retail Risk Assets Growth
The growing retail customer asset base is helping the
bank to maintain “best in class” net interest margins
Comments
27.2
Retail Banking Risk Assets Trend (N’Bn)
At the year end, retail assets accounted for about 9%
of group net assets. We anticipate that this will grow to
around 15% by the end of 2011
Delinquency levels are largely below expectations,exce t for the small credit card ortfolio where
18.1
delinquencies are now reducing.
Investment is being considered in Scoring and
Collections systems
Partnership in place with USAID, giving partial9.7
11.713.1
guarantee support on medical equipment loans;
further partnerships will follow with major retailers on
point of sale financing and co-brand credit cards.
Dec. 2009 Mar. 2010 Jun. 2010 Sept. 2010 Dec. 2010
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Outline
• Opening Statement and Strategy (by Alex Otti, GMD)
• 2010 Financial Performance (by Abdulrahman Yinusa, CFO)
• Business Se ments Performance b Abdulrahman Yinusa, CFO
• Q1 2011 Financial Performance (by Abdulrahman Yinusa, CFO)
• Concluding Remarks (by Alex Otti, GMD)
•
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Group Operational Highlights – Mar 2011
6.4
Deposits (N’Bn)Operating Profit (YoY, N’Bn)
6.4%
Cost of Funds
.
2.2%
Mar. 2010 Mar. 2011
Cost to Income Ratio
ar. ar.
Net Interest Margin
70.1%
65.2%7.9%
10.3%
29
Mar. 2010 Mar. 2011 Mar. 2010 Mar. 2011
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Profit and Loss – Mar 2011Group
Mar. 31,2011
N' billion
Group
Mar. 31,2010
N' billion
YoY%
Bank
Mar. 31,2011
N' billion
Bank
Mar. 31,2010
N' billion
YoY%
Comments
Gross Earnings 20.3 24.5 (17.1) 19.3 22.7 (15.0)
Net Interest Income 12.3 10.2 20.6 12.0 10.0 20.0
Other Income 5.9 6.3 (6.3) 5.2 5.0 4.0
Bank operating profit up 31% toN6.4 billion (YoY)
Stable cost base (group) of +2.6%growth despite double digitinflation
Operating Income 18.2 16.5 10.3 17.2 15.0 14.7
Operating Expenses (11.9) (11.6) (2.6 ) (10.8) (10.1) (6.9)
The bank’s provision for losses ofN4.5 billion is made up of:
Impact of integration ofDiamond Mortgages of N2.5billion
Operating Profit 6.3 4.9 28.6 6.4 4.9 30.6
Provision For Losses (4.5) (2.9) (55.2) (4.5) (2.8) (60.7)
Profit / (Loss) Before Tax 1.8 2.0 (10.0) 1.9 2.1 (9.5)
ccrua s or ex s ng an new
NPLs of N2.0 billion
30
Profit / (Loss) After Tax 1.1 1.5 (26.7) 1.2 1.7 (29.4)
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Key Performance Metrics – Mar 2011
Group BankMar. 2011 Dec. 2010 Sept. 2010 Mar. 2011 Dec. 2010 Sept. 2010
NIM 10.3% 10.1% 9.7% 10.7% 10.6% 9.9%
NPL 14.4% 14.8% 16.8% 14.0% 13.7% 16.7%
. . . . . .
Coverage 72.1% 64.1% 82.5% 66.2% 60.1% 78.3%
Capital Adequacy 15.2% 16.6% 15.4% 17.2% 18.7% 16.6%
qu ty 42 .9% 41.5% 39.9% 42.9% 41.5% 39.9%
Cost to Income Ratio 65.2% 62.8% 64.4% 62.8% 61.4% 61.7%
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Outline
• Opening Statement and Strategy (by Alex Otti, GMD)
• 2010 Financial Performance (by Abdulrahman Yinusa, CFO)
• ,
• Q1 2011 Financial Performance (by Abdulrahman Yinusa, CFO)
• Concluding Remarks (by Alex Otti, GMD)
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Diamond Bank – Setting a New Direction
2010 – A Challenging Year
Additional loan loss provisions on legacy loans, subsidiary losses negatively impacted performanceUnderlying performance of the bank was strong despite legacy issuesClear si ns of recover that are ke for future erformance include:
o Growing SME franchise providing a strong NIM that is sustainableo Stable inflation adjusted OPEXo Strong operating profit growth
2011 – Concluding on Legacy Issues
The underlying operating performance of the bank remains strong as indicated by Q1 resultsContinued drag from legacy loans and subsidiary disposals being addressed proactivelyNew management is already implementing a clear recovery plan to unleash growth potential and build on the
strong Diamond Brand:
o Rebuild corporate businesso Drive recoveries and unwind NPLo Enhance risk management, processes and upskill teamo Reduced cost base and divest of unprofitable subsidiarieso Drive retail business penetration
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In 2012 we anticipate our return to normal provisioning and healthy ROE levels that will comfortably reach into
the high teens
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Outline
• Opening Statement and Strategy (by Alex Otti, GMD)
• 2010 Financial Performance (by Abdulrahman Yinusa, CFO)
• ,
• Q1 2011 Financial Performance (by Abdulrahman Yinusa, CFO)
• Concluding Remarks (by Alex Otti, GMD)
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Appendix – New Management Team BiographiesAlex Otti (GMD) joined DiamondBank from First Bank of Nigeriawhere he held the position ofExecutive Director. Prior to the tenyears he spent at First Bank Nigeria
Abdulrahman Yinusa joined DiamondBank as Chief Finance Officerfollowing the completion of his CBNappointment as Executive Director ofFinance and Strategy for
he held managerial and businessdevelopment positions at UnitedBank and Nigerian Merchant BankLtd.
He started his banking career in 1989 with Nigeria
n an . r or to t eappointment, he was ManagingDirector/CEO of the United Bank forAfrica subsidiary in Sierra Leone.
He has accrued over two decades of high quality bankingInternational Bank Ltd, a subsidiary of Citibank N.Y,where he worked in Operations. Alex graduated from theUniversity of Port Harcourt with a First class honoursdegree in Economics in 1988. He was subsequentlyawarded an MBA from the University of Lagos in
experience having previously worked in managementpositions for FSB International Bank, now part of Fidelity& UBA Plc. A graduate in Accounting from Ahmadu BelloUniversity he also holds both an MSc in Economics andan MBA from the University of Lagos. Abdulrahman is a
. ex s a mem er o e ns u e o rec ors an
Honorary Senior Member of Chartered Institute ofBankers. He holds an honorary doctorate degree inbusiness administration, an alumnus of Harvard BusinessSchool and also trained at Stanford Business School,
e ow o e ns u e o ar ere ccoun an s o ger a
and Chartered Institute of Bankers of Nigeria, is acertified member and Associate of the Chartered Instituteof Stockbrokers, Chartered Institute of Taxation, NigeriaInstitute of Management and he holds the Treasurer
-
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,Pennsylvania) and Columbia Business School, New York.
.class Advanced Management Programme at INSEAD,Paris.