http://blog4all-com.blogspot.com/2013/04/skye-bank-posts-n1264-billion-profit.html



Skye Bank Plc’s audited results for the year ended December 31, 2012, showed that it recorded a profit after tax of N12.64 billion. The amount represented a significant increase of 872.6 per cent, compared to the N1.30 billion it realised in 2011.

The financial report presented to the Nigerian Stock Exchange (NSE) yesterday also showed that the bank’s profit before tax jumped by 480.9 per cent from N2.84 billion in 2011 to N16.51 billion in 2012.

The bank maintained a steady top-line in 2012 with net interest income and net non-interest income of N44.50 billion and N22.60 billion respectively

On the basis of the improved financial performance, the board of directors of Skye Bank recommended an increase in cash dividend per share from 25 kobo paid in 2011 to 50 kobo in 2012.

Skye Bank’s earnings per share also increased to N1.01 in 2012 as against 20 kobo recorded in 2011. The bank’s assets quality improved considerably as its non-performing loan/gross loans ratio surpassed industry’s target of five per cent to 4.95 per cent in 2012 as against 6.39 per cent it was the preceding year.

Similarly, Skye Bank’s deposit base expanded by 22.4 per cent to N790.09 billion in 2012 compared to the N645.45 billion recorded in 2011. Its total assets increased to N1.07 trillion in the year under review, as against N914.27 billion in 2011.

Speaking on the financial performance of the bank, the Group Managing Director/Chief Executive Officer, Skye Bank, Mr. Kehinde Durosinmi-Etti, said the report reflected the commitment of the bank to its goal of quality and sustained growth and returns to shareholders.

“In a year of impactful regulatory interventions, including tight monetary policies, we recorded growth in the most of our performance indicators. For instance, we grew our interest income by 35 per cent from N74.9 billion to N101.0 billion, signaling an accretion in our volume of business transactions, while customer deposits grew by 22 per cent, from N645.5 billion to N790.1 billion,” he added.

The Skye Bank boss assured that the financial institution would continue to focus on improved risk management practices.
“We will further leverage on our expertise and comparative advantage in key growth areas including commercial banking, corporate banking, project finance, trade finance, public private partnership and public sector to unlock significant growth in incomes while we further reduce costs by building on our increasingly popular retail banking franchise,” Durosinmi-Etti said.

http://blog4all-com.blogspot.com/2013/04/skye-bank-posts-n1264-billion-profit.html

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Posted: at 17-04-2013 04:42 AM (11 years ago) | Newbie

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