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Skye Bank posts impressive 2013 results

09 April 2014, 09:40Henry Ifeanyi

Lagos - Skye Bank has posted an impressive set of results for the full year 2013 with profit before tax of N17,13 billion.

This is against the N16,5 billion it posted in 2012.

The banks profit after tax also rose significantly to N16,02 billion compared with N12, 64 billion posted in the previous year, showing an improvement of 26,7 per cent.

Other highlights of the result included a growth in total assets from N1.07 trillion to N1.11 trillion, and its deposit liabilities increased from N966 billion to N996 billion during the period under review reflecting a growth of three per cent.

According to the result, the bank’s total equity grew during the review period from 106,8 billion in 2012 to N120 billion.

This indicates the bank’s financial stability and solidity.

Its loans and receivables also rose to N549, 8 billion from N540, 3 billion recorded at the end of the previous year.

Skye Bank Chief Executive Officer, Kehinde Durosinmi-Etti, said he was impressed with the results.

“In a year beset with various regulatory headwinds on the backdrop of monetary policy tightening with attendant impact on liquidity, cost, fees and overall earnings, our results showed positive growth on all performance indices,” he said.

Durosinmi-Etti expressed confidence in the successful implementation of the bank’s Tier 1 and Tier 2 capital raising project within the year.

He said the project would enable the bank deepen its penetration in existing markets, while also providing the avenue for exploring uncharted segments and other opportunities.

– CAJ News

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