The season of profit warning continues across all the sector of the market as Diamond Bank Plc has joined the likes of FBN Holding Plc and FCMB Holding Plc in the financial sector to issue profit warning.
The bank in a statement today on the floor of the Nigerian Stock Exchange said that earnings for the financial year ended 31 December 2015 will come in lower than 2014.
The Bank attributed this to the deteriorating macro-economic conditions in Nigeria which have translated into higher than expected impairment charges on loans made to the Energy and Commercial Business sectors.
The Bank reiterated its commitment to a solid risk management framework whilst reassuring investors of a largely high quality loan portfolio. The comprehensive financial statements for the year ended December 31, 2015 are expected to be released on or before March 31, 2016.