Nigeria Diamond Bank hit by first loss in six years

LAGOS: Shares in Nigeria's Diamond Bank dropped five percent on Friday after the mid-tier lender posted its first pretax loss in six years.

Diamond Bank said it swung to a loss of 11.55 billion naira for 2017 from 3.37 billion naira profit the previous year, sending its shares to a three-week low.

The lender which delayed the release of its 2017 audited result, is the first local bank to announce a loss and has been selling assets to conserve capital including its west African and British units.