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Annual Report Diamond Bank of Nigeria 2011

In: Business and Management

Submitted By sholla
Words 38866
Pages 156
DIAMOND BANK PLC

AUDITED FINANCIAL STATEMENTS 31 DECEMBER 2011

DIAMOND BANK PLC
Table of Content
Page

Directors' report

1

Compliance with Code of Corporate Governance

7

Directors' responsibility and approval

25

Auditors' report

26

Statement of significant accounting policies

28

Profit and loss accounts

36

Balance sheets

37

Cash flow statements

38

Notes to the financial statements

39

Statement of value added

73

Five-year financial summary

74

Financial risk analysis

78

DIAMOND BANK PLC
Directors' Report For period ended 31 December 2011
The directors present their annual report on the affairs of Diamond Bank Plc (“the Bank”) and its subsidiaries ("the Group"), together with the financial statements and auditors' report for the period ended 31 December 2011. a. Legal Form The Bank was incorporated in Nigeria under the Companies and Allied Matters Act 1990 as a private limited liability company on 20 December 1990. It was granted license on the 15 March 1991 to carry on the business of commercial banking and commenced business on 21 March 1991. The Bank converted into a Public Limited Liability Company on 28 February 2005. The Bank’s shares were listed on the 27 May 2005 on the floor of the Nigerian Stock Exchange by way of introduction. b. Principal Activity and Business Review The principal activity of the Group continues to be the provision of banking and other financial services to corporate and individual customers. Such services include granting of loans and advances, corporate finance and money market activities. At the start of the period, the Bank had seven subsidiaries ADIC Insurance Limited (96.15%), Diamond Capital and Financial Markets Limited (100%), Diamond Securities Limited (owned through Diamond Capital), Diamond Registrars Limited(owned through Diamond Capital), Diamond Mortgages Limited, Diamond Pension Fund Custodian and…...

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