Nigeria's Diamond Bank yearly profit up 122 pct

LAGOS Aug 5 (Reuters) - Nigeria's Diamond Bank DIAM.LG saw annual profit after tax soar 122 percent as banks in the world's eighth biggest oil exporter benefit from record global crude prices powering economic growth.

Earnings rose to 12.8 billion naira ($108.6 million) in the year to April 30, the bank said on Tuesday.

Diamond, one of Nigeria's most-improved banks, said the robust result was a sign the bank had made significant progress in the implementation of its post-consolidation growth agenda.

Its gross earnings climbed 56 percent to 60.4 billion naira, its deposit base grew 93 percent to 419.7 billion and its balance sheet size expanded to 840.3 billion naira, indicating a growth of 87 percent.

A banking sector reform in 2005 cut the number of banks in Africa's top oil producer from 89 mainly fragile institutions to 24 stronger groups, who are scrambling to expand their branch networks and increase lending to corporate and retail clients.

Diamond CEO Emeka Onwuka attributed the bank's strong performance to its commitment to running a responsive and responsible business.

"Leveraging on these principles and our focused development of our delivery infrastructure, systems and technology, we have gained momentum and scale in all our markets," Onwuka said in a statement.

The banks said it would pay a dividend of 0.56 naira per share and a bonus issue of one share for every 10 already held by shareholders on the books before a yet-to-be-announced date.

Diamond Bank earlier this year concluded an offering of $500 million Global Depository Receipts (GDRs) and listed on the Professional Securities Market of the London Stock Exchange. (For full Reuters Africa coverage and to have your say on the top issues, visit: africa.reuters.com/ ) (Reporting by Tume Ahemba; Editing by Randy Fabi and David Holmes)