Diamond Banking is currently embarking on a massive downsizing of its staff, a reliable source revealed to the Nigerian Tribune on Sunday.
According to the source on conditions of anonymity, the downsizing, which is expected to lay off about 200 employees of the bank, would affect mainly those on the middle and top rungs of the ladder.
The proposed retrenchment, the source disclosed, is said to be a consequence of the company’s weak 2014 full year result that was recently released.
A peep at key parameters of the result showed that pre-tax profit recorded a drop of 12.5 per cent from N32.1 billion in 2013 to N28.1 billion the review period of 2014.
More so, the bank’s profit for the year depreciated to N25.49 billion from the N28.54 billion that was achieved the corresponding period of 2013.
Similarly, the lender disclosed that Return on Average Equity (ROAE) declined from 23.1 per cent in 2013 to 14.7 per cent in 2014. Return on Average Asset (ROAA) followed the same trend from 2.1 per cent in 2013 to 1.5 per cent achieved in the year ended December 31, 2014
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