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ANNUAL REPORT 2016 COMPLETE.Cdr M M M Our Core values • Integrity • Competence • Leadership • Accountability • Passion. M Contents STRATEGIC REPORT GOVERNANCE 83 Consolidated and Separate 01 Vision statement, Mission 54 Corporate Governance Statements of Changes in Equity statement and Core Values 73 Statement of Directors’ 85 Consolidated and Separate 03 Beyond Banking Responsibilities Statements of Cash flows 12 Corporate Profile 74 Report of Statutory Audit 87 Notes to the Financial Statements 14 Notice of AGM Committee 214 Other National Disclosures 16 Chairman’s Statement 76 Independent Auditor’s Report 22 CEO’s Review SUSTAINABILITY REPORT 32 Board of Directors (Photo) FINANCIALS 220 Sustainability Governance 33 Management Team 81 Consolidated and Separate 43 Directors, Officers & Professional Statements of Financial Position OTHER INFORMATION Advisors 82 Consolidated and Separate 223 Branch Lists 44 Directors’ Report Statement of Profit or Loss and Other Comprehensive Income 02 Diamond Bank Annual Report 2016 M Diamond Bank Annual Report 2016 03 M M Lending portfolio of over N18 billion during 2016 to small businesses M M M 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 $1.5 million grant. EFInA us funded by the DFID and Bill and Melinda Gates Foundation. M Expanding international shareholder base Designed to meet the needs of the un(der)banked, especially women, in Nigeria. BETA provides doorstep access to banking services to 415,071 customers from mobile sales and services agents known as BETA Friends, in addition to branches and ATMs. The BETA Savings is an Account with zero opening balance that requires minimal documentation to open and offers low fees and good savings interest rates. M ‘ M M Corporate Profile About Us Diamond Bank Plc (“Diamond Bank”) is as MSME (Micro Small and Medium-Scale Enterprises), for which it provides value-adding banking solutions. Nigeria's fastest growing retail bank. Through innovation and technology, With a primary listing on the Nigerian Stock Exchange and Diamond Bank enhances customer GDRs on the London Stock Exchange, Diamond Bank's footprint extends beyond Nigeria, with a strong presence experiences and drives financial inclusion in in the Republic of Benin and international branches in what we call 'Beyond Banking'. Senegal, Togo and Ivory Coast – making it the first Nigerian bank to operate in Francophone West Africa. The Since the Bank was incorporated in December 1990, Bank launched its first non-African subsidiary – Diamond Diamond Bank has challenged the market environment by Bank, UK –in 2013. As of January 2016, the Bank operated introducing new products, innovative technology and 273 branches across Nigeria and 317 across the Group. setting new benchmarks through international standards. Diamond Bank has frequently been the partner of choice Today, Diamond Bank is best placed to respond to for leading international organisations such as the changing lifestyles and is leading the digital transformation International Finance Corporation (IFC) and the UK's in response to these societal shifts. For example, Diamond Department for International Development (DfID), in order Mobile is Africa's leading banking app and the first with to deliver programmes targeting MSMEs and to promote touch ID. financial inclusion. Delivering an enhanced customer experience is The Carlyle Group, the global alternative asset manager, fundamental to the Diamond Bank proposition. We aim to became a significant shareholder in November 2014 support our customers via our tailored services, such as following its $147m investment in the Bank. This was a Diamond Woman, so that they can manage their lives major milestone for Diamond Bank and a sign of seamlessly whether on-the-go or in branch – in other confidence in the Bank's strategy and market opportunity. words, we want to go 'Beyond Banking'. OUR STRUCTURE Overall, our people remain the key differentiating factor in The Bank is structured in a way that places customers at providing this unique customer experience across all the heart of everything it does. The three core business markets where we operate and we are fully committed to units are: consistently attracting only the best people to maintain our competitive edge. Diamond Bank has a retail-led strategy, Retail Banking: This provides innovative products and meaning it is well placed to benefit from Nigeria's solutions for the retail mass market, mass affluent attractive fundamental macro-economic trends, customers and MSME; particularly in the retail market. Business Banking: This caters for the banking needs of the The Bank also has a strong Corporate Banking offering middle market customers; that is helping to fuel growth across Nigeria through supporting businesses, redefining the country's 21st Corporate Banking: Provides services to multinationals century economy. and large corporations in such sectors as Oil and Gas, Power, Maritime, Manufacturing, Aviation, and The Bank serves over 150,000 businesses of varying size Telecommunication. across diverse sectors including Corporate clients as well 12 Diamond Bank Annual Report 2016 M OUR CORE VALUES information, knowledge and methods that enable us serve our customers better. Integrity: We are honest and truthful. This explains our moral obligations as a Bank to our customers, stakeholders Accountability: We account for our activities, deliver on and employees. our promises, accept our responsibilities and are transparent in all our dealing in line with global best Competence: We are equipped with clusters of related practices. abilities, commitments, knowledge and skills that enable us effectively exceed our customers' expectations. Passion: We are professionals dedicated and relentlessly devoted to the pursuit of excellence by providing value- Leadership: We are a leading financial institution that takes adding solutions. the leadership role in the industry in providing the KEY MILESTONES 1991 2001 2005 2007 2008 2009 2010 Diamond Bank Diamond Bank Diamond Bank PLC Voted Most 1st African Rated A- by Fitch, Appointed as founded as a becomes a becomes a Public Improved Bank company / Bank A+ by Agusto and primary lending Private Limited Universal Bank Limited Company of the Year in the quoted on the A by GCR institution for the Liability Thisday Annual Professional reflecting the disbursement of Company Diamond Bank PLC Awards Securities Market Bank's sustainable NIMASA Cabotage listed on the of the London liquidity, sound and Vessel Finance Nigerian Stock Stock Exchange professional Fund (CVFF) Exchange practices and good standing as a high Diamond Bank PLC Investment grade acquires the former institution. Lion Bank of Nigeria PLC 2011 2012 2013 2014 2015 2016 Appointed as a Named Best Credit Named Best Oil and The Bank raised Uzoma Dozie, The Bank partner bank by the Card Bank in the Gas Investment N50bn in a current CEO, successfully Nigeria Content 12th Card, ATM & Company 2013, highly successful completes his first restructured to Development Mobile Expo Africa Africa awarded by rights issue full year in charge better support its Monitoring 2012 London-based exercise. of the Bank and retail strategy Board(NCDMB) World Finance implements retail- and to enhance Named Best Online Magazine led strategy its client Named Best Credit Bank in Nigeria proposition. Card Bank in the The Bank's first non- 11th Card, ATM & Named Best Oil and African subsidiary The Bank won the Mobile Expo Africa Gas Investment –Diamond Bank UK award of the 2011 Company 2012, Ltd - was launched. Best Mobile Banking Africa awarded by App and Youth Banking London-based Products at the World Finance BusinessDay Awards Magazine Diamond Bank Annual Report 2016 13 M Notice of Annual General Meeting NOTICE IS HEREBY GIVEN that the 26th Annual General Meeting of DIAMOND BANK PLC will be held on Friday, the 19th day of May, 2017 at The Civic Centre, Ozumba Mbadiwe Avenue, Victoria Island, Lagos, at 10:00 a.m. prompt to transact the following business: 14 Diamond Bank Annual Report 2016 M AGENDA Notes Ordinary Business 1. Proxy A member of the Company entitled to attend and vote at any Annual 1. To receive the Report of Directors, the Audited 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 Financial Statements for the period ended December to be valid, a completed and duly stamped proxy form must be deposited at 31, 2016, and the Reports of the Board Appraiser, the office of the Registrar of the Company, Centurion Registrars Limited, 33c, Cameron Road, Ikoyi, Lagos State, not less than 48 hours before the Auditors and Audit Committee thereon. time fixed for the meeting. 2. To elect/re-elect Directors 2. Closure of Register of Members For the purpose of attendance at the Annual General Meeting, the Register 3. To authorize the Directors to fix the Remuneration of of Members will be closed from May 9, 2017 to May 10, 2017 (both days inclusive). the Auditors 3. Election of Directors 4. To elect Members of the Audit Committee I. In accordance with the provisions of the Articles of Association of the Company, Mr. Ian Greenstreet, Mr. Kabir Mohammed and Mr. Damian Special Business Dolland, retire by rotation and being eligible, offer themselves for re- election. To consider and if thought fit, pass the following as special ii. The appointment of Mr. Dele Babade as a Non-Executive Director subject to the approval of the Central Bank of Nigeria. resolutions: iii. The ratification of the appointment of Mrs. Chizoma Okoli as an Executive Director, whose appointment has been approved by the Central Bank of 5. “That the Authorised Share Capital of the Company be Nigeria. and is hereby increased from N15,000,000,000.00 iv. The ratification of the appointment of Mr.
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