By InvestAdvocate

Lagos (INVESTADVOCATE)-Diamond Bank Plc Wednesday posted a 408.1 percent (408.1%) Profit After Tax (PAT) in Second Quarter (Q2) Report for the Period Ended June 30 2012.

This is contained in the Unaudited Results Q2 2012 of the Bank released to the Nigerian Stock Exchange (NSE) and made available to www.investadvocateng.com in Lagos Nigeria.

To record the 408.1% increase in Profit in the review period, Diamond Bank declared N9.995 billion in Q2 of 2012 compared to N1.967 billion reported in the same period of year 2011.

With this, Profit After Tax of the Bank grew to a fourfold raising its shares to close at N2.41 as at July 11 2012.

Profit Before Tax (PBT) also increased from N3.026 billion in Q2 of 2011 to N15.376 billion in the Q2 period of 2012; indicating an increase of 408.1%.

Similarly, Gross Earnings of the Bank rose by 48.5% in the Q2 period ended June 30 2012 as Diamond Bank posted N64.769 billion compared to N43.615 billion in the corresponding period of 2011.

Earning Per Share (EPS) Basic also increased from N35.37 in the Second Quarter of 2011 compared to N137.84 in the same period of 2012; representing an increase of 289.7%.

In the same vein, UnityKapital Assurance Plc operating in the Insurance Sector of the Nigeria’s Exchange declared PAT of N413.630 million in its Audited Report for the Period Ended December 31 2011 compared to a negative of N190.234 million recorded in year 2010 end. This indicates a growth in Pre-Tax Profit of 317.6%.

PBT also grew significantly as UnityKapital Assurance declared N514.182 million in 2011 end compared to N6.551 million in the same period of year 2010 showing an increase of 7748.9%.

While Gross Premium Earned also grew from N868.741 million in year 2010 end compared to N1.733 billion; representing an increase of 99.5% in the review period.

Click  here to download Diamond Bank HI Earnings Update-Afrinvest

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