Nigeria’s Diamond Bank said it expects to make a pretax profit of 35 billion naira ($219 mln) in 2013, up from 27.5 billion naira last year.

Chief Executive Alex Otti said the bank expects to make a 20 percent return on equity in 2013. He added that the lender was planning to conclude a $550 million eurobond, which has been held up due to turbulence in debt markets, by the end of the year.

“We are targeting (operating profit) of 50-55 billion naira by year-end. We believe we should be ending the year with anywhere between 30 to 35 billion naira in pretax profit,” Otti told an analysts’ conference call, presenting its first half results.

The mid-tier lender last week posted a pretax profit in the first six months of the year to 17.6 billion naira ($110 mln), as against 15.37 billion naira in the same period a year ago.

Otti said the bank had grown its customer base to 2.8 million accounts in the first half of the year, up from 2.1 million as at December last year. Otti expected its network to rise to 300 branches by year-end, from 265 now. ($1 = 159.60 naira)

 

Source: Reuters (Reporting by Chijioke Ohuocha)