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DIAMOND BANK 2012 ANNUAL REPORT & ACCOUNTS.Cdr VISION To be a leading financial institution, with the best people, providing unequalled customer experience and delivering superior shareholder value. MISSION We will consistently exceed customer expectation by providing value-adding solutions through professional and highly motivated people, delivering excellent financial performance in all markets where we operate. 2012 | ANNUAL REPORT & ACCOUNTS 7 OUR CORE VALUES Integrity: We are honest and truthful. This explains our moral obligations as a Bank 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 customer's expectations. Leadership: We are leading financial institution and takes leadership role in the industry that involves providing the information, knowledge and methods that enable us serve our customers better. Accountability: We account for our activities, deliver 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. FINANCIALS 64 Directors’ Report 73 Responsibility for Annual Financial cont Statement 74 Report of the Audit Committee 75 Report of the External Consultants -ents 76 Report of the Independent Auditor 78 Consolidated Income Statement 06 Mission and Vision 79 Consolidated Statement of Other 07 Our Core Values Comprehensive Income 09 Key Milestones 82 Consolidated Statement of Financial Position 10 Result at a Glance 84 Statement of Changes in Equity 11 Corporate Profile 86 Consolidated Cash Flow Statement 16 Sustainability Report 88 Notes to the Consolidated Financial -Delivering Sustainable Wealth Statements 22 Notice of Annual General Meeting 275 Statement of Value Added 24 Chairman’s Statement 277 Five Year Financial Summary 31 CEO’s Letter to Shareholders 281 Our Branch Network 47 Board of Directors 288 Proxy Form 48 Management Team 289 E-Mandate Form 49 Corporate Governance Report 2012 290 Corporate Information 2012 | ANNUAL REPORT & ACCOUNTS 9 KEY MILESTONES 1991 Diamond Bank founded as 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 10 A RESUL GR BANK Gross Earnings Gross Earnings OUP GLANCE Apr 2009 108,979,476 Apr 2009 101,659,260 Dec 2009 67,735,694 Dec 2009 64,667,401 Dec 2010 91,022,288 Dec 2010 85,723,090 T A Dec 2011 102,722,007 Dec 2011 98,163,095 Dec 2012 138,848,669 Dec 2012 131,166,141 T Profit BeforeT Profit BeforeT Apr 2009 5,901,951 Apr 2009 8,343,738 Dec 2009 (12,374,154) Dec 2009 (9,055,793) Dec 2010 9,468,016 Dec 2010 4,772,863 ax ax Dec 2011 (17,964,929) Dec 2011 (27,132,209) Dec 2012 27,481,541 Dec 2012 28,364,965 T T otal Assets otal Assets Apr 2009 682,077,914 Apr 2009 650,891,836 Dec 2009 650,395,601 Dec 2009 604,361,884 Dec 2010 592,851,763 Dec 2010 542,098,490 Dec 2011 796,231,792 Dec 2011 714,063,959 Dec 2012 1,178,103,754 Dec 2012 1,059,137,257 2012 |ANNU T T otal Deposits otal Deposits AL REPORT&ACCOUNTS Apr 2009 466,889,851 Apr 2009 444,815,118 Dec 2009 482,056,310 Dec 2009 449,020,259 Dec 2010 412,992,754 Dec 2010 379,344,019 Dec 2011 603,003,229 Dec 2011 545,161,145 Dec 2012 910,234,444 Dec 2012 823,090,787 2012 | ANNUAL REPORT & ACCOUNTS 11 CORPORATE PROFILE iamond Bank Plc was incorporated in December 1990 and began operation as a private limited liability company on March 21, 1991. Today, Diamond Bank is one of Nigeria's leading universal banks with strong Dofferings in Retail and Corporate Banking. We are in a strategic partnership with the International Finance market by providing a wide range of unmatched convenience in Corporation (IFC) who in June 2012 availed the bank a $70 million its retail products and services. The Bank equally has strong focus facility. Also, Actis invested N17 billion in equity in Diamond Bank on corporate banking. The Bank is therefore structured to in 2007, a transaction adjudged as the largest single private equity operate in four strategic business units; The Retail Banking, this investment made in Nigeria by foreign investors. provides innovative products and solutions for the retail mass market, mass affluent customers and MSME - small and medium The first Nigerian bank to operate in the Francophone West Africa scale entrepreneurs. The Business Banking caters for the banking with strong presence in the Republic of Benin and branches in needs of the middle market customers. The Corporate Banking Senegal, Togo and Ivory Coast. As at December 2012, the Bank provides services to multi- nationals and large corporations in had over 222 branches located in various cities and commercial such sectors as Oil and Gas, Power, Maritime, Manufacturing, centres in Nigeria. Aviation, Telecommunication and the Public Sector structured to do business with the Federal Government, its agencies and Diamond Bank PLC is a leading financial institution respected for parastatals. its excellent innovation in providing value-adding solutions to customers' business needs. Over the years, the Bank has In providing unequalled customer experience, our approach is a leveraged on its underlying resilience to grow its asset base, and holistic mix of propositions comprising a growing network of to successfully retain its key business relationships. Diamond strategically located “brick and mortar” outlets, efficient bank strives to provide an exceptional customer experience using electronic banking platforms and well structured financing technology and people to exceed customers' expectation. models that address the needs of the entire value chains of The Bank is strategically focused to grow the retail segment of the customers business. CORPORATE PROFILE 2012 | ANNUAL REPORT & ACCOUNTS 12 Overall, our people remain our key differentiating factor in u Diamond SavingsXtra Account: This is an interest-yielding providing this unique customer experience across all markets savings account, which allows the deposit of both cash and where we operate and we are fully committed to consistently third party cheques with a minimum opening balance of attracting only the best people to maintain our competitive edge. N5,000 MSME BUSINESS DEVELOPMENT u Diamond Kiddies Account: This is an account is for children under 18 years with a minimum opening balance of N 5,000. Diamond Bank is a pacesetter in providing financial services to Micro, Small, Medium scale Enterprises in Nigeria. We recognised u Diamond High Interest Deposit Account (HIDA): This is this sector as the base on which the future growth and designed for individuals interested in saving for a longer term development of the nation depends and that informed our initial and maximising interest. The account is opened with a partnership with the IFC in 2008 to build a sustainable framework minimum balance of N 100,000 for MSME financing which has stood the test of time. u Diamond Term Deposit: This is a long-term capital growth In 2011, we launched the “Borrow For Free” promo through which account designed for individuals interested in saving for a set we granted interest free loans to Micro, Small and Medium period of time. The minimum investment amount is Enterprises (MSMEs), providing them a platform for easy access to N5,000,000 capital and entrepreneurial capacity building. The facility allows MSMEs easy access to credit with a very short turnaround time Diamond Current Accounts and non-stringent conditions. Overall, Diamond Bank has Diamond Current Accounts is your key to real time banking. Our effectively awarded loans exceeding N65bn to over 30,000 online facility ensures that you can transact using your Diamond MSMEs in Nigeria since 2009, making it the single most active Current Account from any Diamond branch. The Diamond lender to this sector in Nigeria. current accounts consists of; Diamond PERSONAL CURRENT, Diamond ASPIRE, Diamond XCLUSIVE and Diamond PRIVILEGE. OUR PRODUCTS & SERVICES u Diamond Personal Current: This is a personal current Diamond Savings Account account designed to make your banking as easy and efficient Diamond Saving Accounts is an account designed to help our as possible. It offers you all the benefits of a current account customers meet their personal needs and lifestyle. The Diamond packaged with a range of free added-value. Savings account consists of; Diamond Savings Account, Diamond SavingsXtra, Diamond Kiddies, Diamond HIDA and Diamond Term u Diamond Aspire: This is designed to respond to your need for Deposit a flexible current account that caters for your everyday transactional needs. No monthly fee if a minimum of u Diamond Savings Account: With this account you can start N250,000 is maintained.
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