Transcript of Diamond bank annual report 2015
ANNUAL REPORT 2015
Our Vision
providing unequalled customer
Our Core values
BEYOND BANKING
We continually develop and deliver not just new
and better ways of doing banking but new ways
of redefi ning the banking relationships altogether.
.
of Nigeria’s banking industry by utilising electronic
delivery channels, we are also strengthening our
customer relationships through
This is how we go
Diamond Bank
beyond banking.
digital transformation
G o
vern an
ce Fin
fo rm
atio n
Diamond Bank Plc (“Diamond Bank”) is Nigeria's fastest growing
retail bank. Through innovation and technology, Diamond Bank
enhances customer experiences and drives financial inclusion in
what we call 'Beyond Banking'.
Since the Bank was incorporated in December 1990, Diamond Bank has
challenged the market environment by introducing new products,
innovative technology and setting new benchmarks through
international standards.
Today, Diamond Bank is best placed to respond to changing
lifestyles and is leading the digital transformation in response to
these societal shifts. For example, Diamond Mobile is Africa's
leading banking app and the first with touch ID.
Delivering an enhanced customer experience is fundamental to the
Diamond Bank proposition. We aim to support our customers via our
tailored services, such as Diamond Woman, so that they can manage
their lives seamlessly whether on-the- go or in branch – in other
words, we want to go 'Beyond Banking'.
Overall, our people remain the key differentiating factor in
providing this unique customer experience across all markets where
we operate and we are fully committed to consistently attracting
only the best
people to maintain our competitive edge.
Diamond Bank has a retail- led strategy, meaning it is well placed
to benefit from Nigeria's attractive fundamental macro- economic
trends, particularly in the retail market.
The Bank also has a strong Corporate Banking offering that is
helping to fuel growth across Nigeria through supporting
businesses,
stredefining the country's 21 century economy.
The Bank serves over 150,000 businesses of varying size across
diverse sectors including Corporate clients as well as MSME (Micro
Small and Medium- Scale Enterprises), for which it provides
value-adding banking solutions.
With a primary listing on the Nigerian Stock Exchange and GDRs on
the London Stock Exchange, Diamond Bank's footprint extends beyond
Nigeria, with a strong presence in the Republic of Benin and
international branches in Senegal, Togo and Ivory Coast – making it
the first Nigerian bank to operate in Francophone West Africa. The
Bank launched its first non-African subsidiary – Diamond Bank, UK
–in 2013. As of January 2016, the Bank operated 271 branches across
Nigeria and 317 across the Group.Diamond Bank has frequently been
the partner of choice for leading
CORPORATE PROFILE ABOUT US
international organisations such as the International Finance
Corporation (IFC) and the UK's Department for International
Development (DfID), in order to deliver programmes targeting MSMEs
and to promote financial inclusion.
The Carlyle Group, the global alternative asset manager, became a
significant shareholder in November 2014 following its $147m
investment in the Bank. This was a major milestone for Diamond Bank
and a sign of confidence in the Bank's strategy and market
opportunity.
OUR STRUCTURE
The Bank is structured in a way that places customers at the heart
of everything it does. The three core business units are:
Retail Banking: This provides innovative products and solutions for
the retail mass market, mass affluent customers and MSME; Business
Banking: This caters for the banking needs of the middle market
customers; Corporate Banking: Provides services to multinationals
and large corporations in such sectors as Oil and Gas, Power,
Maritime, Manufacturing, Aviation, Telecommunication; and
OUR CORE VALUES
Integrity: We are honest and truthful. This explains our moral
obligations as a Bank
Diamond Bank Annual Report 2015 06
to our customers, stakeholders and employees. Competence: We are
equipped with clusters of related abilities, commitments, knowledge
and skills that enable us effectively exceed our customers'
expectations.
Leadership: We are a leading financial institution that takes the
leadership role in the industry in providing the information,
knowledge and methods that enable us serve our customers better.
Accountability: We account for our activities, deliver on our
promises, accept our responsibilities and are transparent in all
our dealing in line with global best practices.
Passion: We are professionals dedicated and relentlessly devoted to
the pursuit of excellence by providing value-adding
solutions.
KEY MILESTONES
1991: Diamond Bank founded as a Private Limited Liability
Company
2001: Diamond Bank becomes a Universal Bank
2005: Diamond Bank PLC becomes a Public Limited Company
2005: Diamond Bank PLC listed on the Nigerian Stock Exchange
2005: Diamond Bank PLC acquires the former Lion Bank of Nigeria
PLC
2007: Voted Most Improved Bank of the Year in the Thisday Annual
Awards
2008: 1st African company / Bank quoted on the Professional
Securities Market of the London Stock Exchange
2009: Rated A- by Fitch, A+ by Agusto and A by GCR reflecting the
Bank's sustainable liquidity, sound and professional practices and
good standing as a high Investment grade institution.
2010: Appointed as primary lending institution for the disbursement
of NIMASA Cabotage Vessel Finance Fund (CVFF)
2011: Appointed as a partner bank by the Nigeria Content
Development Monitoring Board(NCDMB)
2011: Named Best Credit Card Bank in the 11th Card, ATM &
Mobile Expo Africa 2011
2012: Named Best Credit Card Bank in the 12th Card, ATM &
Mobile Expo Africa 2012
2012: Named Best Online Bank in Nigeria
2012: Named Best Oil and Gas Investment Company 2012, Africa
awarded by London-based World Finance Magazine
2013: Named Best Oil and Gas Investment Company 2013, Africa
awarded by London-based World Finance Magazine
2013: The Bank's first non- African subsidiary –Diamond Bank UK Ltd
-was launched.
2014: The Bank raised N50bn in a highly successful rights issue
exercise.
2015: Uzoma Dozie, current CEO, completes his first full year in
charge of the Bank and implements retail-led strategy
2016: The Bank successfully restructured to better support its
retail strategy and to enhance its client proposition
BEYOND BANKING
Through innovation and technology, we enhance customer
experiences and drive financial inclusion in what we call
'Beyond
Banking.’
Bank has challenged the market environment by introducing
new products, innovative technology and setting new
benchmarks through international standards.
Today, Diamond Bank is best placed to respond to changing
lifestyles and is leading the digital transformation in response
to
these societal shifts. For example, Diamond Mobile app is
Africa's
leading banking app and the first with the Touch ID feature.
07 Annual Report 2015Diamond Bank
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Diamond Y’ello with over N1 billion
transaction volume each week
through partnership
Nigeria
financial access and bridge
multiple internally displaced
viable concentration mix of
female and northern inclusion.
the underbanked
Number 1 local currency
combining both financial and
telecommunication services targeted at
open a Bank Account from the
convenience of their mobile devices.
Targeted at both the youth and mas
market segments of the MTN
subscriber base, the proposition will
deepen the portfolio of financial
services offered to MTN customers
thereby increasing low cost deposits
and revenue to the Bank.
Diamond Bank Annual Report 2015 08
CASE STUDY
In today’s fast-paced world, customers want ease of
access to products and services; not just in banking
but in lifestyle choices too. In a bid to deliver the best
customer experience in the industry, we are deepening
our innovations in electronic banking to promote
a seamless transition to a cashless economy. By
focusing on mobile applications, we are creating more
innovative technology-enabled solutions that can
further enrich the lives of our customers now and in
the future.
75 MILLION Total transaction count of over
75 million this year
CASE STUDY
carry out various financial transactions.
Characterised by its ease of use, it has
empowered customers to move their
banking transactions from the branch
to the comfort of their home and
offices. It provides a cost effective
means of transaction for both the
customer and the Bank.
with exciting new features such as
event search function and payment
features for online shopping, flight
bookings, purchase of movie tickets
among others. We also became the
first bank to launch touch identity
recognition.
10
Windows operating systems
full banking services
accounts
this year
grown from 5 in 2012 to 17 in 2015
CHALLENGING THE
MARKET ENVIRONMENT
BEYOND BANKING
that we help and support our customers and wider
stakeholders to ensure they have access to the
products and services they need in order to develop
their own businesses and create enduring wealth
that will benefi t the wider communities in which
they operate. We support over 250,000 businesses
of diff erent scales and sectors and we believe that
thriving small and medium enterprises are the
engines for sustainable economic growth in our
nation. We therefore continue to be supportive of
entrepreneurship that can create jobs for millions of
Nigerians even at the grassroots.
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TODAY PROGRAM)
Diamond Bank has partnered with the Enterprise Development Centre
(EDC) to train over 200 micro entrepreneurs in our BET
program.
The programme, which is our flagship
CSR initiative, is currently in its 5th
season and is targeted at empowering
emerging micro entrepreneurs every
with the Enterprise Development
University in training entrepreneurs
50 applicants are selected for the 6-
month training from the pool of
applications. At the end of the training,
the best 5 candidates are given seed
capital of N3million each to grow their
businesses.
diff erent scales and sectors
No 1 partner in capacity
building with EDC
national economy
support to corporate clients and
customers through digital solutions
Lending portfolio of over
N13 billion during 2015
fi rst bank in Sub Saharan Africa to do so
Diamond Bank Annual Report 2015
Our efforts at setting new benchmarks through international
standards has earned us vital support in driving our business. This
includes our recent nomination by EFInA as the Best Bank in the
deepening of financial inclusion in Nigeria. This comes with a
pre-approved $1.5million grant. EFInA is funded by the DFID and
Bill and Melinda Gates Foundation.
BEYOND BANKING
LEADERS EXPANDING
LISTED DfIDLSE
Des igned to meet t he needs of t he
un(der)banked especially woman in Nigeria.
BETA provides doorstep access to banking
services from mobile sales and services
agents known as BETA Friends in addition to
branches and ATMs.
Zero Opening Balance that requires minimal
documentation to open and offer low fees
and good savings interest rates. It is a proof of
Diamond's bold and innovative approach to
extend banking and financial inclusion
services across the bottom of the pyramid.
To address customers demand and deepen
access and usage, the proposition has been
improved to introduce new products such as
commitment sav ings, micro lend ing,
transfers, payment services and self-services
(USSD feature).
Deepening Africa).
CASE STUDY
DIAMOND BETA
economic growth
market of the London Stock Exchange
in 2008; first bank in Africa to do so
Listed on Nigerian Stock
fi nancial inclusion program by UK’s DfID
Diamond Bank Annual Report 2015
RETAIL PRODUCTS & SERVICES
CORPORATE PRODUCTS & SERVICES
BUSINESS PRODUCTS & SERVICES
This provides innovative products and solutions for the retail mass
market, mass affluent customers and MSME.
15 Diamond Bank Annual Report 2015
AT A GLANCE
Who we are Diamond Bank is the fastest growing retail bank in
Nigeria–respected for its excellent service delivery. We are driven
by innovation and technology and operate on the most advanced
banking technology platforms in the market.
What we do We offer a full range of banking products and services
in retail, corporate and business banking.
This caters for the banking needs of the middle market
customers.
Provides services to multinationals and large corporations in such
sectors as Oil and Gas, Power, Maritime, Manufacturing, Aviation,
Telecommunication.
TREBLED IN SIZE IN 3 YEARS
SERVING 7 MILLION CUSTOMERS 3 DIVISIONS RETAIL BUSINESS
CORPORATE
FASTEST GROWING RETAIL BANK IN NIGERIA
NO 1 LOCAL CURRENCY CREDIT CARD PROVIDER
271 BRANCHES IN NIGERIA
NOTICE OF ANNUAL
General Meeting of DIAMOND BANK PLC will be held
on Friday, the 27 day of May 2016 at The
Intercontinental Hotel, Plot 52, Kofo Abayomi Street,
Victoria Island, Lagos, at 10:00 a.m. prompt to
transact the following business:
Nkechi Nwosu Company Secretary
Diamond Bank Annual Report 2015 Diamond Bank Annual Report 2015
01
S tra
te g
ic re
p o
rt G
o v
e rn
a n
c e
F in
a n
c ia
2. To elect/re-elect Directors
3. To authorize the Directors to fix the Remuneration of the
Auditors
4. To elect Members of the Audit Committee
thDated this 27 day of April 2016
BY ORDER OF THE BOARD
NKECHI NWOSU Company Secretary FRC/2013/NBA/00000001571
Notes 1. Proxy
A member of the Company entitled to attend and vote at any Annual
General Meeting is entitled to appoint a proxy to attend and vote
in his stead. A proxy need not be a member of the Company. For the
appointment to be valid, a completed and duly stamped proxy form
must be deposited at the office of the Registrar of the Company,
Centurion Registrars Limited, 33c, Cameron Road, Ikoyi, Lagos
State, not less than 48 hours before the time fixed for the
meeting.
2. Closure of Register of Members
For the purpose of attendance at the Annual General Meeting, the
Register of Members will be closed from May 19, 2016 to May 20,
2016 (both days inclusive) to enable the Registrar update the
Register.
3. Re-election of Director over 70 years
Special Notice is hereby given that Chief John D. Edozien, who is
over 70 years of age will be proposed for re-election as Director
pursuant to
Section 256 of the Companies and Allied Matters Act, 1990.
4. Election of Directors
i. In accordance with the provisions of the Articles of Association
of the Company, Dr. Olubola Hassan, Dr. Chris Ogbechie and Ms.
Genevieve Sangudi retire by rotation and being eligible, offer
themselves for re- election.
ii. The ratification of the appointment of Mr. Damian Dolland as a
Non-Executive Director, whose appointment had been approved by the
Central Bank of Nigeria.
5. Audit Committee
In accordance with Section 359 (5) of the Companies and Allied
Matters Act, 1990, any shareholder may nominate another shareholder
for appointment to the Audit Committee. Such nomination should be
in writing and must reach the Company Secretary not less than
twenty one (21) days before the Annual General Meeting.
The Central Bank of Nigeria's Code of Corporate Governance has
indicated that some members of the Audit Committee should be
knowledgeable in internal control processes. We would therefore
request that nominations be accompanied by a copy of the nominee's
curriculum vitae.
6. Shareholders Right
In accordance with the provisions of Rule 19.12, of The Rule Book
of The Exchange, 2015, Part II, Issuers' Rules. Shareholders' are
entitled to ask questions not only at the meeting but also in
writing prior to the meeting; and the written questions must be
submitted to the Issuer not later than May 20, 2016.
7. Website
A copy of this notice and other information relating to the meeting
can be found on our website www.diamondbank.com
AGENDA Ordinary Business 1. To receive the Report of Directors, the
Audited Financial Statements for the period ended December 31,
2015, and the Reports of the Board Appraiser, Auditors and Audit
Committee thereon.
CHAIRMAN’S STATEMENT
mixed feelings as the macro-economic
challenges in the global economy hugely
impacted on the domestic business
environment eliciting regulatory
Dr. Chris Ogbechie Chairman
Diamond Bank Annual Report 2015 20
istinguished shareholders,
Deminent ladies and gentlemen, on behalf of the Board of
Directors of our great Bank, I am honoured to welcome you to this
25th Annual General Meeting and rendition of our stewardship for
the 2015 financial
year. The 2015 financial year was one of mixed feelings as the
macroeconomic challenges in the global economy hugely impacted on
the domestic business environment eliciting regulatory responses
that were designed to protect the interest of the financial system,
even though some of these remained greatly unsavoury to banks'
profitability.
However, we weathered the storm by ensuring efficient alignment of
resources in line with policy demands of the operating environment,
coupled with consistent improvement on our ability to deliver
superior value to all stakeholders. We took tough decisions to
ensure that the Bank's fundamentals remain strong and sustainable.
Furthermore, we have significantly transformed customers experience
at every touch point with special emphasis on remaining the “Retail
Bank of Choice”.
It is on this premise that I present the Annual Report and
Financial Statements of our great Bank for the year-ended December
31, 2015 to you. Our resilience ensured that our fundamentals
remained strong with profitability and liquidity at acceptable
levels. Nevertheless, the Bank had to make significant provisions
for loan impairments as macroeconomic headwinds impacted our risk
assets considerably during the year.
Global Macroeconomic Environment According to the World Bank, the
global economy grew by 2.4% in 2015, a 0.2% decline from the 2.6%
recorded in 2014. This sub-optimal growth was driven largely by the
advanced economies which grew by 1.6% year-on-year as weaker
performance in the UK and Russia suppressed output especially in
the Euro Area. In the US, the long
anticipated rate adjustment came through in December 2015 when the
US Federal Reserve Bank hiked interest rate from the range of 0% -
0.25% to 0.25% - 0.5%, resulting to significant capital inflow
reversals from emerging markets, including Nigeria. Emerging
economies grew by 4.3% year-on-year in 2015, a 0.6% decline
relative to 2014 expansion. The slump in commodity prices
negatively impacted income, trade and general economic activities
in emerging markets during the year, as economic growth in China
declined to a 6-year low of 6.9% in 2015. The drag in emerging
market economies translated to lower government revenues,
investment and weak sentiments during the year.
Domestic Business Environment The Nigerian economy recorded a
disappointing 2.8% year-on-year growth in 2015, from 6.22% in 2014.
Persistent drop in crude oil prices shrank government revenue
significantly, worsened foreign reserves by 15.7% year-on-year and
instigated a 17% devaluation of the naira at the official market.
Negative sentiments prevailed in the capital market as the Nigerian
All- Share Index (ASI) dipped by 17.4% in 2015. Foreign portfolio
inflow also dipped by 76% in 2015 as N83.4billion net outflows were
recorded.
Inflation peaked at 9.6% year-on-year in December 2015 having been
on a gradual ascent since November 2014, breaking out of the CBN's
target band of 6% to 9%. The Naira remain challenged through 2015
due to low FX earnings amidst persistently high demand pressures.
Rate was maintained at N197/1USD at the official window, while the
Naira depreciated to as low as N258/USD at the parallel market.
This presented significant headwinds to FX related businesses with
filter-through effect on banks' top-line during the year.
Nigerian Banking Industry The domestic banking industry in 2015 was
characterized by series of regulatory pronouncements. Most
significant of these were:
Ÿ Harmonization of the Cash Reserve Ratio (CRR) to 31%, and
subsequent reduction to 20% in November 2015.
Ÿ Exclusion of 41 items from the official FX window.
Ÿ The ban on direct foreign currency cash deposits into domiciliary
accounts.
Ÿ Full Implementation of the Treasury Single Account (TSA)
The CBN kept its tight grip on the banking sector in 2015 to ensure
that the financial system remain stable, responsive and
sustainable. The full implementation of the Treasury Single Account
(TSA) drained approximately N1 trillion from banks' deposits, while
the reduction of Commission on Turnover (COT) to N1 per mille
impacted on non- interest income. Deterioration of the industry's
Oil & Gas and Energy sector's risk assets equally caused income
loses and credit impairments across board. Nevertheless, our
retail-centric business model ensured that we harnessed
opportunities embedded in these challenges to deliver on our
promise of sustainable growth.
Financial Performance Despite the macroeconomic headwinds and
regulatory constraints highlighted above, your Bank recorded gross
earnings of N217 billion during the year, representing 4.2%
year-on-year growth. Fees and Commission income rose by 8.3%
year-on-year, an indication of increased customer transaction
activities, strong FX trading activities and improving traction of
revenue diversification strategy of the Bank. Interest expense on
the other hand reduced by 6.0% year-on-year as the Bank improved
significantly on liability pricing efficiency. Consequently, the
Bank achieved a Net Interest Income of N109billion for the
year.
Notably, the Bank's impairment charge (both specific and
collective) of N55.1billion in 2015 was unavoidably higher than
budgeted as we took steps to clean up our non-performing risk
assets in the Energy and Commercial Business sectors which were
mostly
WE ARE COMMITTED TO HIGH A STANDARD OF CORPORATE GOVERNANCE
21
Diamond Bank Annual Report 2015
Board focus for 2016 The year 2016 is strategic for the Bank as we
position towards emerging as a clear leader in select market
segments, while remaining sustainably efficient and profitable. The
following seven key areas will form the nucleus of the Board's
focus in 2016:
Sustain low cost deposit Ÿ leadership Improve the quality of our
loan Ÿ portfolio to achieve one of the lowest NPLs in the industry
Grow Non-Interest Income Ÿ significantly Drive low cost business
model Ÿ by crashing operating expenses and improving on efficiency
and productivity Develop high performance Ÿ culture in the Bank
with “can- do” attitude across board Go for superior customer Ÿ
engagement and service Deepen sustainability principles. Ÿ
affected by the macro headwinds. Also, the significant reduction in
trade related revenues of our key clients exacerbated by shortage
of foreign currency especially in H2 2015 made it difficult for
some of them to meet their obligations. Suffice it to say that the
deterioration in Nigeria's macroeconomic fundamentals significantly
impacted customers' businesses across these sectors in 2015.
Consequently, despite the impressive gross earnings in 2015, the
increase in impairment charges above budget estimates impeded
potentially stronger growth in profitability as the Bank recorded a
depressed Profit Before Tax (PBT) and Profit After Tax (PAT) of
N7.1 billion and N5.6billion respectively for the period ended
December 31, 2015.
Nevertheless, the operational ratios show that the Bank is on the
path of sustainable growth. Low cost deposit ratio went up to 77.6%
from 66.9%, Liquidity Ratio increased from 41.70% to 52.8%, Cost to
Income Ratio reduced from 64.60% to 61.0% as we deepened our cost
management techniques in spite of rising inflation. Capital
Adequacy Ratio remained strong at 17.6% as we continued to build
healthy headroom to take advantage of opportunities in identified
key growth sectors.
Ladies and Gentlemen, your Bank is positioned to improve on the
performance of the 2015 financial year and ensure superior
value-add to all stakeholders in the 2016 financial year.
We have revamped our risk management framework to further improve
the quality of our loan portfolio. We remain determined to putting
a clamp on operating costs with significant investment towards
improving efficiency and customer experience going forward.
Further, we have enshrined sustainability as a business driver
across the length and breadth of the Bank.
Appointment of a New CFO Our succession management system
proved its effectiveness during the year with the appointment of
Mr. Chiugo Ndubisi as the Acting Chief Financial Officer, replacing
Mr. Yinusa Abdulrahman who had to pursue other interests. Chiugo
joined the Planning and Financial Control Group of Diamond Bank in
1996 as an Executive Trainee and served as the Financial Controller
between 2004 and 2009. He rose to the post of the Divisional Head,
Financial Management in 2009 - a role he performed laudably until
his appointment as the Acting CFO in 2015.
Chiugo Ndubisi holds a First Class honours degree in Engineering
from the University of Nigeria Nsukka and an MBA from the
University of Lagos. He is a fellow of the Institute of Chartered
Accountants of Nigeria (FCA), and an Associate member of both the
Chartered Institute of Bankers and the Chartered Institute of
Taxation of Nigeria. He has attended various local and
International courses including the Advanced Management Programme
(AMP) of Wharton Business School (University of Pennsylvania), the
Senior Management Programme (SMP) of the Lagos Business School and
the HSBC International Bankers' Programme.
We are confident of his ability to consistently add value to the
Management team, given his in-depth knowledge of strategic
financial management, compliance and stakeholder relations.
Board of Directors During the 2015 financial year, three (3)
members left the Board to pursue other interests after serving the
Bank meritoriously. They are: Ÿ Mr. Abdulrahman Yinusa who
was
an Executive Director/Chief Financial Officer (CFO). His
resignation took effect from August 2015,
Ÿ Mrs. Ifueko Omoigui Okauru, an Independent Director whose
resignation took effect from October 2015, and
Ÿ Mr. Thomas Barry, who functioned as a Non-Executive Director. He
resigned from the Board in February
2015.
Your Bank equally on-boarded three members into the Board of
Directors in Non-Executive capacities. They are:
Ms. Genevieve Sangudi Ms Sangudi is currently the Managing Director
and Head of West Africa's operations of Carlyle Group, which has
over $200billion of assets under its management. She had also
worked as part of the senior management team of Emerging Capital
Partners and Procter & Gamble. She is a graduate of the
Macalester College, and has two masters' degrees in Business
Administration and International Affairs both from the Columbia
Business School and Columbia University of International and Public
Affairs, respectively. The Central Bank of Nigeria approved her
appointment to
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Diamond Bank Annual Report 2015
the Board on June 30, 2015.
Mr. Sunil Kaul- Non-Executive Director Mr. Kaul is presently the
Managing Director, Carlyle Asian Partners, Singapore, where he is
responsible for sourcing, executing and managing financial services
transactions across Asia. He is a member of Board of Directors and
Risk & Executive Committees of Ta Chong Bank, Taiwan. He is
also a member of the Board of Directors of India Infoline Limited.
Mr. Sunil holds a B.Tech. in Electronics and an MBA from Indian
Institute of Management, Bangalore. He comes with a wealth of
experience and career spanning not less than 30 years having worked
in various capacities in Citigroup. He was the President, Citibank,
Japan, Chairman, Citi Cards, Japan and Citi Consumer Finance,
Tokyo. The Central Bank of Nigeria approved his appointment to the
Board on June 30, 2015.
Mr. Damian Dolland Mr. Damian Dolland is presently the founder and
Director of Darisami International Consultancy based in Port Louis
Mauritius where he is involved in financial advisory and
investments focused on Sub-Sharan Africa and the Caribbean. He had
worked as Executive Director, Investment Banking Division of Morgan
Stanley, and as Managing Director, and Head of Investment Banking:
Sub-Saharan Africa, J.P. Morgan. Mr Dolland holds a B.SE (Hons) in
Biomedical & Electrical Engineering with Distinction and Cum
Laude; Minor in Chemistry from Duke University, Durham, North
Carolina. His career spans over 19 years in the Investment
sector.
We are convinced that these appointments are in the best interest
of Diamond Bank as these esteemed individuals bring their wealth of
experience to bear on the decision making process of the Board.
Join me
and other Members of the Board to welcome them and wish them well
in the task ahead.
Our People Distinguished Shareholders, Diamond Bank still boasts of
the best people in the industry despite the difficult operating
environment – a team of professional and creative minds focused on
providing innovative customer- centric solutions. Over the years,
our people who are our best assets have continued to sustain the
Bank.
To position our entire workforce for future challenges, your Bank
embarked upon a holistic job evaluation exercise code named
“Project Clarity”. The exercise is a systematic and objective
process to determine the relative importance, value and complexity
of jobs in the Bank using a credible job evaluation tool to ensure
predictable performance. We are confident that the laudable
“Project Clarity” initiative will bring out the best in our
Diamonds as the Bank heads into 2016. Overall, our renowned Diamond
Academy will continue to ensure continuous training of all Diamonds
in line with best banking practices.
I appreciate my fellow Diamonds for their immense contributions
towards the continued success and sustainability of the Bank.
Conclusion The 2016 financial year will no-doubt remain
challenging, as the fundamentals that drag economic growth are
expected to persist, at least, in the short to medium term.
Nonetheless, let me assure you that we will work assiduously to
ensure sustainable growth in all aspects of our business with keen
focus on cost leadership, operating efficiency and customer
engagement. We will work cohesively to deliver innovative solutions
along our restructured, retail- centric business model and further
entrench the “can-do” attitude across
board in a digital-focused ecosystem to drive profitability and
create superior value for all stakeholders.
I commend the immense contribution of the Board members towards the
achievement of the corporate objectives of the Bank and look
forward to more fruitful engagements in 2016. I also salute all
Diamonds for their loyalty, diligence, and unrelenting support in
times past while counting on their unflinching commitment in the
2016 financial year towards improving on our achievements as a
truly digital, retail Bank of choice in all markets where we
operate.
I acknowledge the industry regulators for their sustained efforts
at ensuring a stable and fraud-free financial system. I also
commend the fiscal authorities for their efforts at ensuring a
viable economy for the sustenance of businesses whilst promoting
real sector development.
Eminent Shareholders, Ladies and Gentlemen, once again, I thank you
for your attention and wish you a rewarding 2016.
Warmest Regards,
Diamond Bank
give us confi dence in our ability
to achieve the strategic objectives
that we have set for ourselves.”
Uzoma Dozie
Diamond Bank Annual Report 2015
As an institution, we began the year 2015 on a decisive note:
“to serve our customers more resourcefully at lower cost, at lower
risk and with digitally-driven efficiency, while remaining
profitable and competitive”.
We are currently on an assured path of transformation towards a
digital consumer bank with strong capabilities across Corporate,
Business, MSME and Consumer Banking spaces. We are convinced that
this realignment will enable us consolidate on the gains of our
past performance and proactively respond to future market needs in
order to deliver on our strategic objectives over the coming years.
Let me briefly highlight some noteworthy events that shaped our
operating
environment during the year under review.
The advanced economies showed signs of mild recovery in 2015. The
U.S. economy experienced a positive rub- off from improved
manufacturing output, rising household consumption and reduced
unemployment, whereas the Eurozone was supported by accommodative
monetary policies aimed at stimulating exports and consumer
spending.
China's economic growth slowed to a 25 year low of 6.9% as the
economy transits from export to consumption driven model. This led
to heavy repercussions for emerging economies with trade ties to
China as the country softens demand for raw materials. Major oil
producing countries such as Brazil and Russia slipped into
recessions in 2015 and might require deep structural reforms to
increase recovery prospects in the near term.
On the domestic front, the slump in crude oil prices resulted to a
sharp decline in government revenue and consequently, the nation's
foreign reserves. Nigeria recorded a slowdown in domestic output as
the GDP growth declined from 5.9% in Q4:2014 to 2.1% in Q4:2015.
Furthermore, exchange rate volatilities induced by slowdown in FX
inflows mounted severe pressures on the Naira, prompting a 17%
devaluation of the local currency to N197/USD1 in February 2015. As
the pressure persisted, the CBN sustained a demand-focused FX
management strategy to protect the Naira, with implications for
both businesses and the banks.
Nevertheless, the Naira continued to slide at the parallel market,
triggering a cost push inflationary trend. Headline inflation rate
kept an upward trajectory for 11 months in 2015 (peaking at 9.55%
in December), and eventually exceeded the Central Bank's upper
control limit of 9%.
Economic Growth in 2015 (Year-on-Year) Nigerian Economic Indicators
in 2015 (Year-on-Year)
World
Real GDP Growth Rate Official Exchange Rate per US Dollar
Inflation Rate: 12-month average
$63.81
$38.18
CHIEF EXECUTIVE’S REVIEW CONTINUED
These developments culminated in a tough operating environment for
banking business with attendant impact on operating costs and asset
performance of banks. Consequently, the CBN responded with several
policy pronouncements which included:
Ÿ Harmonisation of Cash Reserve Requirement (CRR) at 31% by easing
Public sector CRR from 75% and raising CRR for Private funds from
20%
Ÿ Eventual reduction of harmonised CRR from 31% to 25% and further
to 20%, to facilitate direct lending to high impact economic
sectors
Ÿ Reduction of Monetary Policy Rate from 13% to 11% to reduce
borrowing costs and stimulate increased economic activities
Ÿ Reduction of the asymmetric corridor around the MPR from +2/- 2%
to +2%/-7% to push liquidity to the real sector
Ÿ Implementation of Treasury Single Account (TSA) which resulted in
the movement of approximately N1trillion from the Deposit Money
Banks (DMBs) to the CBN.
While these policy moves were aimed at stabilizing the financial
system, it opened compelling opportunities for us to grow our
business segments especially in the area of MSME financing as our
overall liquidity position recorded a significant boost.
These pronouncements towards year end 2015 opened up windows of
opportunities to grow our business segments especially in the area
of Real sector financing and MSME support as our overall liquidity
position was boosted.
Group Financial Performance in 2015 We concentrated our collective
efforts towards increasing our operational efficiency by
effectively managing our operating costs while seeking innovative
means to grow our income lines during the financial year.
Noteworthy are the macroeconomic headwinds, particularly the poor
economic growth, inflation, dwindling consumer spending and FX
shortages, which impacted negatively on the operating environment
and the asset quality of banks.
Nevertheless, our business approach yielded some positive results.
Our Gross Earnings grew 4.2% to N217.1billion in 2015 from
N208.4billion recorded in 2014. This growth was driven by
significant boost in Non-Interest Income which grew 14%
year-on-year to N50.4billion as income from our electronic payments
channels grew significantly in 2015. Further, we successfully
managed interest expense to keep Net Interest Income relatively
flat at N109.4billion as our robust low- cost deposits strategy
continue to deliver results. The growth recorded in Gross Earnings
amid a deteriorating economic environment is an affirmation of the
resilience of our retail focused strategy, and our customer-
centric business approach.
Our cost optimization initiatives introduced during the year
delivered a 1.7% decline in operating expenses from N99.3billion in
2014, to N97.5billion. As a result, the Group's cost-to-income
ratio improved to 61.0% at the end 2015 financial year from 64.6%
recorded in 2014. We were committed to containing the cost of doing
business without compromising on our assurance of premium service
quality to our teeming customers. As
part of the Bank's strategy to sustainably reposition our risk
assets, we took a bold decision to increase our provision for
non-performing loans.
Diamond Bank Annual Report 2015
Liquidity Ratio (in %)
109.6 109.4
20142013 2015
impairments resulted to the Group's
Profit before Tax (PBT) and Profit after
Tax (PAT) earnings of N7.1billion and
N5.7billion respectively. Nevertheless,
strong: Liquidity ratio of 52.8% (41.7% at
the end of 2014) was well above the
30% statutory minimum and a strong
Capital Adequacy Ratio of 17.6%.
As the macroeconomic environment
became tougher, the Bank's
lending approach, particularly to the Oil
& Gas, transportation and general
and advances to customers declined
3.5% to N763.6billion from N791.0billion
in 2014FY, while our total assets closed
the year at N1.75trillion, 9.3% lower than
the N1.93trillion reported in 2014.
Deposits from our customers closed at
N1.23trillion in 2015, down from
N1.49trillion in 2014 as we focused
mainly on raking in cheap funds so as
to optimize interest margin. Our strong
affinity for generating cheap funds has
made our low cost deposit ratio one of
the highest in the industry at 77.6% of
total deposits, positioning Diamond as
the leading retail franchise in the
Nigerian Financial Services sector. Our
deposits were mobilized across various
segments of the consumer market with
savings accounts contributing 27.8%,
personal current accounts 35.6%,
remaining 22.4% comprised fixed
customers served through a wide
bouquet of products and propositions
and electronic touchpoints, we are set
for exponential and yet, cost-effective
growth over the coming years
Distinguished Shareholders, while we
year under review have placed us on
the right pedestal towards achieving the
strategic objectives for the medium to
long term. We are more than convinced
that we are well positioned for
sustainable growth, as we race towards
being the most efficient retail bank in
Nigeria. We will continue to deliver
sustainable return to our shareholders,
and support economic growth and
development in our niche markets
across West Africa through effective
and innovative financial intermediations.
on unraveling how we intend to do
business going forward; especially in
the fast changing operating
provide an update on key initiatives and
achievements by some of our strategic
business units and support functions.
Review of key business segments
Retail Banking Franchise During the year 2015, we
restructured
our Retail Directorate, creating five
distinct divisions that are manned by
senior specialists and focused on
serving key segments of the retail
market. Furthermore, we created the
Financial Inclusion Division to
thus far in BETA Proposition, Agency
Banking and other inclusive banking
products. This is in line with our belief
that retail banking implies providing
lifestyle financial services and
supporting individuals and small
opportunities across the Business &
value chain approach remains a viable
means for creating a working
handshake across all our market
segments. The vendors of our large
corporates, which are often MSMEs,
provide target market for a wide
CHANNELS & CUSTOMER ACCOUNT
WE HAVE ADOPTED A CAUTIOUS LENDING STRATEGY
DIAMOND MOBILE APP
Diamond Bank Annual Report 2015
bouquet of our MSME and other Consumer banking services. In
addition, our robust payment ecosystem offers us effective means
for unraveling useful insights across all our business segments,
thereby enabling us to provide effective advisory services to our
corporate and business banking clients in order to help them gain
competitive advantage in their respective industries while
operating their businesses much more efficiently. During the year
under review, the Bank played a key role in financing major
infrastructure projects in the Nigerian real sector. These were in
the form of foreign exchange loan syndications, term loans, project
finance and revolving credit facilities. Some of the major deals
were: N3.3bn Term Loan for Completion of a tank farm in Calabar,
Cross River State; and $70million (N14billion) Term Loan availed
for the execution of integrated steel plant project with total
capacity of 2million metric tonnes. The Bank also availed N5billion
facility as part of the finances to be raised from Development
Finance Institutions for construction of the 600,000 barrels per
day Oil Refinery and Petrochemical Plant in the Lekki Free Trade
Zone. In the telecoms space, we also provided $70Million Bond &
Guarantee for the purchase of LTE broadband network equipment to
boost broadband services in Nigeria.
We will continue to seek opportunities for bankrolling major
projects across key sectors of the Nigerian economy
such as manufacturing, telecommunications, agriculture, general
commerce, real estate and other basic infrastructure such as
Power.
Business Transformation (Project Office) In line with our
aspirations of becoming Nigeria's most customer focused Retail
Banking franchise, we successfully initiated the Customer
Relationship Management (CRM) Project to transform customer
relationship management in year 2015 and beyond. A key benefit of
this project is that the CRM tool efficiently manages customer
interactions with the Bank throughout the customer lifecycle. This
will improve our business relationships with customers, and assist
in strengthening customer retention and sales.
In addition, we concluded several phases of Bankworld Enhancement
project aimed at deepening our service offerings across our
electronic touchpoints. Some of the project initiatives included
the launch of Diamond Esusu (e-savers club), a service availed on
Diamond Online Internet banking platform that enables groups of
customers to collectively own a dedicated account for making
savings contributions. Another initiative was the “Magic Cash”, a
service provided on the Bank’s ATMs that enables cash withdrawals
without the use of a debit card. We will continue to draw on the
innovative spirit of our dedicated employees to develop solutions
that will be proactive in responding to the needs of our customers
and deepening their engagements with us.
Human Capital Management Our human resources still remain our most
important asset. We have continually channelled our efforts towards
bringing together only the best minds in the industry to create the
best value for all stakeholders. In this regard,
we reinforced our ability to attract, develop, retain and reward
our best people during the 2015 financial year to enhance
capabilities and competencies across the Group. A strategic
initiative implemented during the year was “Project Clarity”, which
involves the evaluation of job roles across the Group in order to
enhance employee effectiveness through identification and
elimination of duplicated job roles as well as to drive down costs
that may be associated with wasteful activities. Diamond's staff
strength stood at 4,245 at the end of the 2015 financial year, down
from 4,568 at the end of 2014.
Furthermore, we remained committed towards entrenching a strong
learning culture across the enterprise through the deployment of
electronic Learning Management System (LMS) portal where best-in-
class training is delivered to employees at the convenience of
their workstations as well as on mobile devices for anytime access.
We will ensure that we are steadfast in training and motivating our
employees across board, as well as ensuring that the work
environment is conducive to their well-being and productivity
Review Of Subsidiaries The synergy of our business operations
across all the subsidiaries within the Group was strongly
reinforced during the 2015 financial year with a view to taking
advantage of emerging opportunities within and outside geographic
boundaries of Nigeria. The organisational structure of the Group
was maintained through the year 2015 consisting three distinct
business subsidiaries: Diamond Bank S.A (with headquarters in Benin
Republic overseeing Diamond Bank Senegal, Diamond Bank Togo and
Diamond Bank Cote D'Ivoire), Diamond Bank UK Plc and Diamond
Pension Fund Custodian. All our subsidiaries were profitable at the
end of the 2015
Beta Proposition-Active Accounts Diamond Y’ello - Active
Accounts
Diamond Y’ello - Deposits (N)
239,793 596,752
29
DBUK N0.70bn
financial year.
We expect our subsidiaries in Benin Republic, Cote D'Ivoire,
Senegal and Togo to serve as gateway for scaling up our financial
service offerings across the West African sub-region. We are
passionate about extending our digital banking mantra across West
Africa by leveraging the deployment of technology enabled financial
solutions towards serving West African markets. In the short to
medium term, we will be increasing our ATM deployments, mobile
financial solutions including SMS banking and a broad range of
innovative products and propositions to deepen financial access and
drive up financial inclusion across the sub- region, while
contributing to West Africa's social and economic
development.
Business Outlook We are well aware that emerging technologies,
shifting consumer preferences, tough economic realities as well as
sterner regulations will be critical to future survival of
traditional banks. We see increasing competition in the years
ahead, particularly from technology driven non-banking
institutions. The successful delivery of our business priorities
over the next four years will ensure that we are strategically
positioned to proactively respond to these events. This will
correspondingly enable us retain our position as Nigeria's leading
retail franchise and deliver impressive value to our customers and
shareholders.
In the years ahead, our efforts will be channelled towards
consolidating on our achievements as a leading retail bank, driving
financial inclusion and providing enhanced customer experience
through innovative solutions and technology based services. We will
be proactive in meeting the needs of our teeming customers by
creating simpler and more responsive products towards deepening our
services across all consumer market segments especially serving
households, young adults and women. As Nigeria's largest local
currency credit card provider with over seventy five percent of
transactions performed by our customers across diverse electronic
channels, we are going beyond banking and leading a digital
transformation of Nigerian financial services sector while
proactively responding to changing lifestyles of consumers.
We will strive to foster sustainable development practices in all
our
business dealings. Whether in product design or Corporate Social
Responsibility, the primary questions we keep asking ourselves are
“How will this affect the average customer”? “Will it improve
quality of life”? “Can people be empowered using this product”?
“Who benefits from this initiative”? We want to be ubiquitous to
our customers, giving them control over where, when and how to
consume banking services towards achieving their financial goals.
We look forward to maintaining market leadership in our retail
business segment by making the most of our omni-channel strategy to
meet customer needs. With a growing footprint of more than 300
locations, over one thousand ATMs, eight thousand POS and mPOS
devices and seven million mobile communication touchpoints, we are
set to harness future opportunities for exponential and yet
cost-effective growth of our retail franchise. We are set to grow
our customer base to ten million by the end of the 2016 financial
year.
Notwithstanding the tough operating environment and high cost of
doing business, we strongly believe in fuelling economic growth
across all the markets where we operate by supporting small
businesses and financing major developmental projects. We will
continue to forge
DIAMOND GROUP N7.1bn
WE CAN ACHIEVE TOGETHER
G o
v e
r n
a n
c e
F in
a n
c ia
with Enterprise Development Centre of
Lagos Business School towards
enhancing entrepreneurial skills of
business owners. We will work with
financial system regulators and
development finance institutions both
locally and internationally towards
businesses through SME Development
Fund of the Central Bank as well as
other MSME funds availed by the Bank
of Industry.
all the countries that we operate. We
have restructured our business
deepening respective specialisations.
managers have closer supervision of
their business areas in order to build
stronger customer relationships.
business performance by seeking
will continue to enhance our capacity
for supporting small to medium-sized
businesses and finance major
We are keen on helping businesses,
organizations and governments
sustainable development in Nigeria.
Distinguished shareholders, we are
right track of sustainable growth. We
have put the right structure, systems
and processes to optimize the ingenuity
of our people, the strong partnerships
we have formed with our customers,
and of course the stewardship of the
Bank's management team. Please be
assured that with the aforementioned,
and more importantly your support, we
will achieve the aspirations of our great
Bank, together.
Uzoma Dozie
The Nigerian banking sector The prospect for the Nigerian banking
industry remain compelling although with continuous pressure points
emanating from the ever dynamic regulatory and fiscal
landscape.
31
KEY INDUSTRY DRIVERS
Key locations In 2015, Diamond Bank opened nine branches across
Nigeria. This brought our total locations count to 271 and these
are inclusive of conventional and mini-branches as well as
E-branches/Cash Centres. Below is a diagrammatic representation of
our locations count in our three directorates as at 31 December
2015:
00
Lagos and West – 117 South – 87 · North – 67
O okutlo The prospect for the Nigerian banking industry remain
compelling although with continuous pressure points emanating from
the ever dynamic regulatory and fiscal landscape which are aimed at
ensuring that banks remain competitive in the face of global and
domestic vulnerabilities. We expect the operating environment in
2016 to remain stringent and banks will be pressed to adjust their
operating models to suit rapidly changing consumer preferences,
innovative technology, and salient macroeconomic fundamentals that
have direct impact on the business environment.
The retail banking space remain a competitive frontier as banks
will be forced to jostle for customers' share of mind and by
extension, share of wallet in a bid to grow cheap deposits for
intermediation purposes and equally earn fee income through
efficient deployment and utilisation of payment channels. We expect
renewed attention towards Agriculture, MSME, and Personal
Credit
segments in coming years, particularly with the recent introduction
of Movable Asset Registry platform and government's insistence on
preferential intervention in elements of most of these
sectors.
Technology will dramatically alter the
way Nigerian banks engage and
interact with customers in the near
future. Emphasis will deviate from
“brick and mortar” outlets to “Omni-
channel” processes where robust
how, when and where to initiate and
consummate banking services.
straightforward and cost-effective
these media will either make or mar
new customer on-boarding.
Banking Industry Historical and Forecast Performance
Source: BMI, Diamond Research
2012 2013 2014 2015e 2016f 2017f 2018f 2019f
Total assets 19.28 22.20 25.43 28.23 31.33 36.03 41.79 48.48(N'
tr)
Customer loans 9.78 10.78 12.66 13.93 15.46 17.63 20.27 23.31(N'
tr)
Customer deposits 13.13 13.77 17.16 18.53 20.75 23.87 27.45 31.57
(N' tr)
32
Key:
Diamond Bank Annual Report 2015
…the Future Remains Promising The domestic business climate remains
quite challenging in the face of weakening global macroeconomic
vulnerabilities. The 2015 financial year witnessed a decline in
economic growth from 5.9% in the last quarter of 2014 to 2.8% in
the third quarter of 2015. This was ascribed to weak demand for
Nigeria's crude oil (which accounts for over 90% of exports and
roughly 75% of the country's consolidated budgetary revenues)
amidst price slump in the international oil market, coupled with
anxieties and apprehensions about the outcome of the 2015 general
elections.
However, the non-oil sector of the
economy holds immense promise for
the future of the Nigerian business
environment. The sector accounts for
over 85% of Nigeria's GDP and driven
by activities in trade, crop production,
and construction and
telecommunications sectors. We
consistently inventing ways to unlock
the inherent potentials of this sector in
a bid to ensure value addition to our
esteemed customers.
urbanization rate of 5% pa and forecast
to attain the 3rd most populous
country in the globe by 2100 with
752million people. This huge yet
untapped youth market present
unlimited business opportunity for
the lifestyle needs of these niche of
people whether through social media,
music or as appropriate.
The economic fundamentals remain
with brooding opportunities for
investment especially in government
identified priority sectors of
creation. We will capitalise on these
and foster stronger ties with our
environment in a sustainable yet
profitable manner.
9
8
7
6
5
4
3
2
1
0
30
25
20
15
10
5
0
Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q4 2015
8.21
6.21
7.51
3.46
2.35
3.05
2.84
We are at the forefront of
digital banking in Nigeria
deploy appropriate
Streamlining the
responsive organisation
Driving financial
Realigning our business and
operating models to ‘future-
proof’ our organisation and
sustainable retail franchise
Diamond Mobile App
34
STRATEGY
Retail Banking
Our strategy in focus We are focused on sustaining our relevance in
the evolving market place by practicing customer-focused banking
using top- bottom digital structures and processes whilst
strengthening our strategic pillars to deliver sustainable and
synergistic business outcomes.
Business Banking
Corporate Banking
How we have pursued these goals in 2015 Our diverse portfolio of
consumer- oriented banking services ensured that we remained active
in the retail banking space with bespoke financial solutions to
serve defined customer niche in 2015. We embraced an aggressive
on-boarding of our customers on our e-banking platforms with the
best and agile technology to ensure effectiveness of our retail
strategy. Diamond was named the Best SME Bank West Africa and Best
Microfinance Bank West Africa by the famous Banker Magazine in the
2015 West Africa Awards.
Our focus for 2016 What we can improve We are conscious of the need
to increase customer on-boarding unto our digital platforms to
further entrench our retail banking agenda and maintain our
position as the retail bank of choice.
Priorities We understand that the future of sustainable banking in
Nigeria is retail, and as such we will continue to grow and
consolidate on our achievements and strength in the segment. We
seek to leverage existing relationships as a strategy to increase
our engagement with MSMEs, identified as the engine that drives
industrialization and sustainable economic growth and
development.
How we have pursued these goals in 2015 Our business banking
segment was strategically restructured and customised to cater to
the need of increasingly growing business owners using state of the
art digital platforms with seasoned and experienced professionals
providing informed business advisory services.
Our focus for 2016 What we can improve We are assiduously working
to ensure value creation at every interaction with business owners
while improving on the effectiveness of our payment solutions for
collections and business transactions.
Priorities Proactive engagements through business seminars,
financial advisory and business support to drive value- chain
management.
How we have pursued these goals in 2015 Our corporate banking team
continued to drive the market, leveraging on our value chain
marketing strategy and information leadership. We remained at the
centre of all major deals, across various sectors including
manufacturing, telecoms, infrastructure finance, power,
agriculture, general commerce and mortgage.
Our focus for 2016 What we can improve Adopting a rigorous
portfolio strategy backed with informed business engagement to
drive bankable synergies with customers at the corporate end of our
sustainability curve.
Priorities We are focused on ensuring our
services have direct and ripple effects
on our corporate customers and their
down-liners in a manner that
translates to mutually beneficial and
sustainable business relationship.
35
to ensure that our products and services
contribute to sustainable development
and create enduring wealth.
Sustainability Governance Sustainability at Diamond is governed at
the highest level through the Executive Management Team. The
Management Team, working with the Sustainability Champions,
scrutinizes sustainability performance through an annual Corporate
Responsibility Performance Report.
Lower-level day-to-day governance of CSR continues to be delivered
through the relevant existing governance structure across business
groups.
This model is reflective of our approach to sustainability which
transcends a department and has been integrated as a business
strategy and implemented across the bank in all our
operations.
Environmental And Social Risk Management Approach (ESRMS)
Our Environmental and Social Risk management strategy aims at
providing sustainable financing. This approach ensures the Bank
provides commercial lending only to clients who take into
considerations the environmental & social impacts of their
activities, and those who ensure programs are implemented to reduce
the impact of these risks.
The Bank's Environmental & Social Risk Management policy is
applied to all new financial services offered by the Bank, except
personal loans for retail customers
and mortgage for residential purpose.
Effective ESRMS implementation requires qualified staff with an
understanding of environmental and social impact risk management
and as part of our commitment to sustainability, we focus on
raising the awareness of environmental and social risk issues by
training employees which aids decision making in credit
assessment.
“Our Environmental and Social Risk management strategy aims at
providing sustainable financing.”
Diamond Paperless campaign
Diamond Bank constantly seeks ways to minimize its direct
environmental impact by implementing green initiatives. This
includes everything from reducing energy consumption to using less
paper. We value being as efficient as possible in everything we do,
from running our ATMs on solar power to shutting down our branches
at 7pm daily.
One of the greatest contribution we can make to protect the
environment is by significantly cutting paper consumption. This is
why we commenced an internal campaign, ZERO by 17 in September
2015, aimed at reducing the amount of paper we use in our
operations and processes. This reduction and elimination of paper
across the enterprise will result in improved efficiency, cost
savings and a reduction in our environmental footprints. Beyond
that, this initiative will also help in eliminating wasteful
practices and fostering a more sustainable business culture.
Supplier Dialogue
In 2015, we began implementing our responsibility standards for our
suppliers. These standards outline our compliance expectations for
all suppliers and vendors and are designed to minimize the risks in
our supply chain. To further assist our procurement unit in the
implementation of these standards, a Supplier handbook has been
developed to ensure consistency when implementing these standards.
Our vendors are encouraged to comply with these standards and must
maintain records to demonstrate conformance to these
standards.
Financial Inclusion
A 2014 EFINA report states that 36.9milliion adults, representing
39.5% of adult population, are financially excluded. Only
33.9million adults are banked, representing 36.3% of adult
population. Diamond Bank is committed to providing access to
financial services by developing products and services that cater
to the financially excluded.
BETA Proposition
BETA proposition is Diamond Bank's innovative saving and credit
product specially developed to cater to low- income individuals,
especially market traders, with little or no access to formal
financial services. This Proposition combines the security of a
bank with the convenience of traditional informal method by taking
the bank to the customer. The ecosystem provides various channels
through which customers transact- including the branch, all ATMs,
and our sales and service staff- mobile agents called BETA Friends.
BETA friends with the aid of a mobile phone, go to customers in
markets around Diamond Bank branches to open accounts, collect
deposits, and dispense withdrawals using a robust till liquidity
management framework.
Diamond Bank sees BETA proposition as its own contribution to
creating a financial ecosystem that serves the unbanked
profitably.
36
- Agriculture
BETA LIFE for female farmers
Unleashing the entrepreneurial spirit of women is one of the most
powerful and enduring ways to help families and communities
prosper. Agriculture is a key sector for development in Nigeria.
Globally, women make up to 43% of the agricultural labour force in
developing countries. In 2015, Diamond Bank provided free technical
training and financial grants to women involved in the cassava
value chain in selected communities in Oyo and Ondo states.
Currently, 200 women are benefitting from the programme and there
are plans to further scale up the programme and replicate the model
in different states across Nigeria.
CORPORATE SOCIAL RESPONSIBILITY
BET 4 winners with staff of Diamond Bank
A Cassava Farmer in Ile-Oluji, Ondo State
Diamond Bank
Diamond Bank
Diamond Y’ello Account
Launched in 2014, Diamond Y'ello account (DYA) is a product
combining both financial and telecommunication benefits as well as
a loyalty scheme that account holders (mainly mass market and
youth) can conveniently subscribe to from their mobile phones. This
is in line with Central Bank Nigeria (CBN) Financial Inclusion
Strategy. Diamond Y'ello acquired additional 4.9m new customers in
the year 2015, bringing the total customer base of the to 6.2m with
a closing deposit portfolio balance of over N484million from our
active custome
596,752 as against an active customer base of 36,000 in
2014).
r
Sustainability and our
Our Corporate Social Responsibility strategy has three main
pillars: Capacity Development for Entrepreneurs , Young Adult
Development and Women's Wealth & Wellbeing and is delivered
through various programmes- Building Entrepreneurs Today (BET),
Information & Communication Training for young people and BETA
life for female farmers' initiatives.
Capacity Development for
Entrepreneurs Today (BET)
At Diamond Bank, we acknowledge that small businesses are a
critical part of Nigeria's economic development as they create
employment opportunities for a vast number of people as well as
contribute significantly to the diversification of the
economy.
Building Entrepreneurs Today (BET) programme is one of Diamond
Bank's Corporate Social Responsibility initiatives aimed at
supporting and empowering micro, small and medium scale
businesses.
Since 2010, we have partnered with the Enterprise Development
Centre (EDC) of the Pan Atlantic University in training and
nurturing micro, small and medium scale businesses. Every year, 50
budding entrepreneurs are selected for capacity
building for a period of six months after which the top five
entrepreneurs are awarded Three Million Naira (N3,000,000) grants
to take their businesses to the next level.
The 2015 edition of BET was streamlined to focus on three key
sectors as they contribute significantly to the economic
viabilit y of
Annual Report 2015
Cross section of benefi ciaries of the ‘’GIRLS IN ICT’’ training
programme during the Graduation Ceremon in Oyo State
38
Girls in Information & Communication Technology (Girls in
ICT)
At a time where Information and Communication Technology shape our
world, women need to be encouraged to take up careers in the field
in order to play significant roles in the economy.
In 2013, Diamond Bank collaborated with LEAP AFRICA, a leading
nonprofit organization, and provided ICT training for 100 youth at
the University of Uyo. The beneficiaries were also trained on other
soft skills such as leadership and other skills required for
personal and commu- nity transformation.
In 2014, we executed a similar programme in Aba, Abia State which
was tagged 'Life in Aba'. Through this programme, 100 youth from
Aba and its environs benefitted from the programme. This year, we
chose to focus on women because statistics show an under-
representation of women in ICT. This underutilization of talent
only serves to dampen ICT innovation, slow economic development and
contribute to women's economic and social marginalization. In order
to address this imbalance, Diamond Bank partnered with Women's
Technology Empowerment Centre (WTEC), a non-governmental
organisation working to empower girls and women socially and
economically, using informa- tion and communication technologies
(ICTs) to train one hundred (100) young girls between the ages of
18-30, most of who were on the threshold of either entering the
workforce or starting a small business, on the basics of ICT and
how to leverage on ICT to improve the quality of their lives.
By focusing on young girls, we can foster the growth of women and
girls in technology and combat the stereotypes about women and
girls in science and technology.
Employee Health, Safety and Wellbeing
As a progressive company, helping our employees stay safe, healthy
and productive is a priority. In 2015, we organized a series of
training for staff on health, safety and wellness. These training
were geared towards ensuring that our staff remain focused,
energized and productive at work and at home.
Financial Literacy
Programme
Diamond Bank Adopt-a-School Initiative is a financial education
programme which aims to help students get a clearer idea about
money and personal finance. In 2015, staff volunteered to run a
financial skills training at two(2) local secondary schools in
Lagos and Osun states using the specially developed curriculum
materials developed by Junior Achievement of Nigeria (JAN). A total
number of 100 staff participated in this activity.
Cross section of benefi ciaries of the ‘’GIRLS IN ICT’’
training programme during the Graduation Ceremony
in Oyo State
commemorating the World AIDS Day
Staff volunteers at a local secondary school in Ajegunle
Diamond Bank
Our future targets
Our Commitment to the Nigerian Sustainable Banking Principles The
Nigerian Sustainable banking principles are a set of nine
principles adopted by all the 21 banks on the roadmap to
integrating sustainability in the banking sector.
These principles include an over- arching set of guidelines
relating to the bank's direct and indirect impact on communities
and the environment as a result of their business
operations..
Our Business Operations Environmental and Social Footprint
Human Rights
Women's Economic Empowerment
Avoid, minimize or offset the negative impacts of business
operations on the environment and local communities in which it
operates and, where possible, promote positive impact.
Respect human rights in its business operations
Promote women's economic empowerment through gender inclusive
workplace culture in our business operations and seek to provide
products and services designed specifically for women through our
business activities.
In line with the principle, we will ensure 95% compliance in
integrating ESRM into all greenfield and brownfield projects.
Organise periodic capacity building sessions for clients and
partners in order to ensure competence in reporting, compliance and
cooperation during due diligence procedures.
Increase reporting content or materiality to include the percentage
of clients, and portfolio screened in E&S risk; the extent of
impact mitigated; and the number of projects/clients with E&S
action plans and E&S rating improvements over this
period.
Attain 50% paperless operations by simulating paper-based
transactions into digital formats. Initiate a Community Investment
Programme which focuses on ensuring reduced carbon emissions and
energy conservation.
Continuous assessment of client projects for Human Right Risks - up
to 85%. Ensure training of up to 95% of all Credit officers, Teams
and Sustainability Champions on Human Rights to ensure seamless
bank-wide implementation.
Establish a dedicated committee for Women Empowerment across the
bank in order to drive the vision of this principle and also
supervise the concurrent implementation of a mentoring initiative,
Women Mentoring Women (WMW), increase by 10% annually, investments
made by the bank on Women Empowerment initiatives for both female
employees and clients - in addition to those subscribed to Diamond
Woman.
Constantly evolve ways to ensure gender- sensitivity in order to
increase the upward mobility of female employees into management
functions and positions across the bank
Diamond Bank Annual Report 2015
40
Reporting
Promote financial inclusion, seeking to provide financial services
to individuals and communities that traditionally have had limited
or no access to the formal financial sector
Implement robust and transparent environmental and social
governance practices in its respective institutions and assess
environmental and social governance practices of its
customers.
Develop individual institution and sector capacity necessary to
identify, assess and manage the environmental and social risks and
opportunities associated with our business activities and business
operations.
Collaborate across the sector and leverage international
partnerships to accelerate its collective progress and move the
sector as one, ensuring our approach is consistent with
international standards and Nigerian development needs.
Regularly review and report on our progress in meeting these
principles at the individual institution and sector level.
Full implementation of a financial literacy framework, as well as
the promotion of inclusion through financial literacy curricula in
educational institutions – especially those already in partnership
with the bank – in line with the 2020 target of the CBN.
Attain full implementation of a Consumer Protection framework, as
stipulated by CBN. Innovate and constantly improve on products and
services tailored to the middle and low- income as well as
disadvantaged groups.
Implement a fully developed child and youth finance strategy as
well as financial literacy initiatives across education
institutions working through our past and current engagements with
those segments (e.g. Diamond Cool Teens Account, Diamond
SWAG).
Deepen reporting on NSBP across specific units and department.
Appoint Sustainability Champions in every bank branch and regional
champion's network to work with the Sustainability Management and
Board Committees.
Attain up to 75% training coverage of all Credit Officers,
Sustainable Champions and NSBP- relevant departments on NSBP
through eLearning Modules, Regional workshops.
Deepen sustainability governance by establishing Regional
Sustainability Champions to oversee regions and branch operations
bank-wide. Annual sustainability training sessions at Board
Retreats and Quarterly sessions for Executive Committee.
Champion industry-wide initiatives on Sustainability and at the
same time, support and sponsor sector-wide initiatives led by third
party organisations, regulators and other stakeholders.
Produce a Multi-compliant reporting system which allows for
comprehensive materiality checks for all major international
conventions: United Nations global Compact, Equator Principles, GRI
G4, UNEP FI and ISO 26000.
Diamond Bank Annual Report 2015
41 Annual Report 2015Diamond Bank
MANAGEMENT TEAM
DIRECTORS REPORT
Highlights of the Group’s operating results for the period under
review are as follows:
43 Diamond Bank Annual Report 2015
Strateg ic rep
DIRECTORS REPORT
Highlights of the Group’s operating results for the period under
review are as follows:
43 Diamond Bank Annual Report 2015
Direct Shareholding Indirect Shareholding
DIRECTORS REPORT CONTINUED
Direct Shareholding Indirect Shareholding
DIRECTORS REPORT CONTINUED
DIRECTORS REPORT CONTINUED
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DIRECTORS REPORT CONTINUED
47 Diamond Bank Annual Report 2015
Diamond Bank Annual Report 2015 48 49 Diamond Bank Annual Report
2015
DIRECTORS REPORT CONTINUED
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Diamond Bank Annual Report 2015 48 49 Diamond Bank Annual Report
2015
DIRECTORS REPORT CONTINUED
Number of Cards
Diamond Bank 53 Annual Report 2015
54 Annual Report 2015Diamond Bank
Diamond Bank 55 Annual Report 2015
56 Annual Report 2015Diamond Bank
Diamond Bank 57 Annual Report 2015
58 Annual Report 2015Diamond Bank
Diamond Bank Annual Report 2015 59 60 Diamond Bank Annual Report
2015
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Diamond Bank Annual Report 2015 59 60 Diamond Bank Annual Report
2015
Diamond Bank Annual Report 2015 61 62 Diamond Bank Annual Report
2015
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Diamond Bank Annual Report 2015 61 62 Diamond Bank Annual Report
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Diamond Bank Annual Report 2015 63 64 Diamond Bank Annual Report
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Diamond Bank Annual Report 2015 63 64 Diamond Bank Annual Report
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Diamond Bank Annual Report 2015 65 66 Diamond Bank Annual Report
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66 Annual Report 2015Diamond Bank
Diamond Bank Annual Report 2015 67 68 Diamond Bank Annual Report
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Diamond Bank Annual Report 2015 67 68 Diamond Bank Annual Report
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Diamond Bank 69 Annual Report 2015
70 Annual Report 2015Diamond Bank
INDEPENDENT AUDITOR'S REPORT
Strateg ic rep
INDEPENDENT AUDITOR'S REPORT CONTINUED
Diamond Bank Annual Report 2015 71 72 Diamond Bank Annual Report
2015
Diamond Bank Annual Report 2015 73
CONSOLIDATED AND SEPARATE STATEMENT OF FINANCIAL POSITION AS AT 31
DECEMBER 2015
CONSOLIDATED AND SEPARATE STATEMENT OF PROFIT OR LOSS AND OTHER
COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2015
74 Diamond Bank Annual Report 2015
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Diamond Bank Annual Report 2015 73
CONSOLIDATED AND SEPARATE STATEMENT OF FINANCIAL POSITION AS AT 31
DECEMBER 2015
CONSOLIDATED AND SEPARATE STATEMENT OF PROFIT OR LOSS AND OTHER
COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2015
74 Diamond Bank Annual Report 2015
Group Attributable to equity holders of the parent Non Total
controlling equity interest
Foreign
Share Share Retained Statutory risk Industry Fair value
translation
In thousands of Naira capital premium Earnings reserve reserve
reserve reserve reserve Total
Balance at 1 January 2015 11,580,195 134,532,974 35,240,967
22,670,510 - 3,966,628 209,307 606,146 208,806,727 218,040
209,024,767
Profit/loss for the year - - 5,615,590 - - - - - 5,615,590 41,033
5,656,623
Transfer from/(to) retained earnings - - (22,154,833) 575,062
21,579,771 - - - - - -
Foreign currency translation differences - - - - - - - 1,349,238
1,349,238 5,590 1,354,828
Fair value changes on available-for-sale
financial assets - - - - - - 889,276 - 889,276 - 889,276
Total comprehensive income - - (16,539,243) 575,062 21,579,771 -
889,276 1,349,238 7,854,104 46,623 7,900,727
Transactions with equity holders recorded
directly in equity
Balance at 31 December 2015 11,580,195 134,532,974 16,385,685
23,245,572 21,579,771 3,966,628 1,098,583 1,955,384 214,344,792
264,663 214,609,455
Balance at 1 January 2014 7,237,622 89,629,324 17,483,423
19,361,930 - 3,966,628 (65,816) 1,087,073 138,700,184 153,516
138,853,700
Profit/loss for the year - - 25,408,697 - - - - - 25,408,697 76,523
25,485,220
Transfer from/(to) retained earnings - - (3,308,580) 3,308,580 - -
- - - - -
Foreign currency translation differences - - - - - - - (480,927)
(480,927) (11,312) (492,239)
Fair value changes on
Total comprehensive income - - 22,100,117 3,308,580 - - 275,123
(480,927) 25,202,893 64,524 25,267,417
Transactions with equity holders recorded
directly in equity
Total contributions and distributions 4,342,573 44,903,650
(4,342,573) - - - - - 44,903,650 - 44,903,650
Balance at 31 December 2014 11,580,195 134,532,974 35,240,967
22,670,510 - 3,966,628 209,307 606,146 208,806,727 218,040
209,024,767
The accompanying notes and significant accounting policies are an
integral part of these consolidated and separate
financial statements.
Bank Small Scale
capital premium earnings reserve risk reserve reserve reserve
Total
Balance at 1 January 2015 11,580,195 134,532,974 32,845,896
22,422,273 - 3,966,628 312,801 205,660,767
Profit for the year - - 3,833,749 - - - - 3,833,749
Transfer from/(to) retained earnings - - (22,154,833) 575,062
21,579,771 - - -
Fair value movement on available-for-sale
financial assets - - - - - - 897,907 897,907
Transactions with equity holders recorded
directly in equity
Dividends - - (2,316,039) - - - - (2,316,039)
Balance at 31 December 2015 11,580,195 134,532,974 12,208,773
22,997,335 21,579,771 3,966,628 1,210,708 208,076,384
Balance at 1 January 2014 7,237,622 89,629,324 18,439,851
19,113,693 - 3,966,628 (83,894) 138,303,224
Profit for the year - - 22,057,198 - - - - 22,057,198
Transfer from/(to) retained earnings - - (3,308,580) 3,308,580 - -
- -
Fair value movement on available-for-sale
financial assets - - - - - - 396,695 396,695
Transactions with equity holders recorded
directly in equity
Dividends (4,342,573) (4,342,573)
Balance at 31 December 2014 11,580,195 134,532,974 32,845,896
22,422,273 - 3,966,628 312,801 205,660,767
The accompanying notes and significant accounting policies are an
integral part of these consolidated and separate
financial statements.
76 Diamond Bank Annual Report 2015
Group Attributable to equity holders of the parent Non Total
controlling equity interest
Foreign
Share Share Retained Statutory risk Industry Fair value
translation
In thousands of Naira capital premium Earnings reserve reserve
reserve reserve reserve Total
Balance at 1 January 2015 11,580,195 134,532,974 35,240,967
22,670,510 - 3,966,628 209,307 606,146 208,806,727 218,040
209,024,767
Profit/loss for the year - - 5,615,590 - - - - - 5,615,590 41,033
5,656,623
Transfer from/(to) retained earnings - - (22,154,833) 575,062
21,579,771 - - - - - -
Foreign currency translation differences - - - - - - - 1,349,238
1,349,238 5,590 1,354,828
Fair value changes on available-for-sale
financial assets - - - - - - 889,276 - 889,276 - 889,276
Total comprehensive income - - (16,539,243) 575,062 21,579,771 -
889,276 1,349,238 7,854,104 46,623 7,900,727
Transactions with equity holders recorded
directly in equity
Balance at 31 December 2015 11,580,195 134,532,974 16,385,685
23,245,572 21,579,771 3,966,628 1,098,583 1,955,384 214,344,792
264,663 214,609,455
Balance at 1 January 2014 7,237,622 89,629,324 17,483,423
19,361,930 - 3,966,628 (65,816) 1,087,073 138,700,184 153,516
138,853,700
Profit/loss for the year - - 25,408,697 - - - - - 25,408,697 76,523
25,485,220
Transfer from/(to) retained earnings - - (3,308,580) 3,308,580 - -
- - - - -
Foreign currency translation differences - - - - - - - (480,927)
(480,927) (11,312) (492,239)
Fair value changes on
Total comprehensive income - - 22,100,117 3,308,580 - - 275,123
(480,927) 25,202,893 64,524 25,267,417
Transactions with equity holders recorded
directly in equity
Total contributions and distributions 4,342,573 44,903,650
(4,342,573) - - - - - 44,903,650 - 44,903,650
Balance at 31 December 2014 11,580,195 134,532,974 35,240,967
22,670,510 - 3,966,628 209,307 606,146 208,806,727 218,040
209,024,767
The accompanying notes and significant accounting policies are an
integral part of these consolidated and separate
financial statements.
Bank Small Scale
capital premium earnings reserve risk reserve reserve reserve
Total
Balance at 1 January 2015 11,580,195 134,532,974 32,845,896
22,422,273 - 3,966,628 312,801 205,660,767
Profit for the year - - 3,833,749 - - - - 3,833,749
Transfer from/(to) retained earnings - - (22,154,833) 575,062
21,579,771 - - -
Fair value movement on available-for-sale
financial assets - - - - - - 897,907 897,907
Transactions with equity holders recorded
directly in equity
Dividends - - (2,316,039) - - - - (2,316,039)
Balance at 31 December 2015 11,580,195 134,532,974 12,208,773
22,997,335 21,579,771 3,966,628 1,210,708 208,076,384
Balance at 1 January 2014 7,237,622 89,629,324 18,439,851
19,113,693 - 3,966,628 (83,894) 138,303,224
Profit for the year - - 22,057,198 - - - - 22,057,198
Transfer from/(to) retained earnings - - (3,308,580) 3,308,580 - -
- -
Fair value movement on available-for-sale
financial assets - - - - - - 396,695 396,695
Transactions with equity holders recorded
directly in equity
Dividends (4,342,573) (4,342,573)
Balance at 31 December 2014 11,580,195 134,532,974 32,845,896
22,422,273 - 3,966,628 312,801 205,660,767
The accompanying notes and significant accounting policies are an
integral part of these consolidated and separate
financial statements.
Strateg ic rep
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Diamond Bank Annual Report 2015 77 78 Diamond Bank Annual Report
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Diamond Bank Annual Report 2015 77 78 Diamond Bank Annual Report
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER
2015
Diamond Bank Annual Report 2015 79 80 Diamond Bank Annual Report
2015
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER
2015
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER
2015
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Diamond Bank Annual Report 2015 79 80 Diamond Bank Annual Report
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER
2015
Diamond Bank Annual Report 2015 81 82 Diamond Bank Annual Report
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER
2015
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Diamond Bank Annual Report 2015 81 82 Diamond Bank Annual Report
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER
2015
Diamond Bank Annual Report 2015 83 84 Diamond Bank Annual Report
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER
2015
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Diamond Bank Annual Report 2015 83 84 Diamond Bank Annual Report
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER
2015
Diamond Bank Annual Report 2015 85 86 Diamond Bank Annual Report
2015
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER
2015
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Diamond Bank Annual Report 2015 85 86 Diamond Bank Annual Report
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER
2015
Diamond Bank Annual Report 2015 87 88 Diamond Bank Annual Report
2015
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER
2015
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Diamond Bank Annual Repo