Skye Bank declares N10.07 Billion Profit in Six Months

 

 Skye Bank Plc’s Group Managing Director/Chief Executive Officer, Mr. Timothy Oguntayo

Skye Bank Plc has announced gross earnings of N85.2 billion for the half year ended June 30, 2015, showing an increase of 33 per cent over the N63.9 billion recorded in the corresponding period in 2014.

Net interest income stood at N35.44 billion, up by 16 per cent from N30.535 billion in 2014. As an indication to increased business momentum, the bank’s net interest income also grew to N30.2 billion as against N25.5 billion in 2014, a growth of 18 per cent. Similarly, net fee and commission income witnessed a big leap from N10.6 billion in 2014 to N14.1 billion, showing an increase of 33 per cent. Total operating expenses rose by 21 per cent from N30.8 billion to N37.3 billion. Consequently,  Skye Bank Plc ended the period with  profit after tax of N10.7 billion, up 47 per cent from N7.3 billion in the corresponding period of 2014. Profit after tax grew from N5.8 billion to N8.8 billion.

The bank’s shareholders’ funds grew from N131 billion in 2014 to N141 billion during the period under review, representing a growth of seven per cent.

However,   customers’ deposits  fell from N952 billion to N837 billion, while loans and advances increased from N651 billion to N657 billion.

The lender has  a strong  capital buffer or other reserves of N52.3 billion, compared to N43.5 in 2014, showing 20 per cent growth to ensure that it has a robust and solid capital at all times.

Commenting on the results,  Group Managing Director/Chief Executive Officer of the bank, Mr. Timothy Oguntayo, said that the bank was beginning to harness the business potential, synergies, and opportunities from its recent acquisition of the defunct Mainstreet Bank Limited.

He assured customers and other stakeholders of the bank of good returns as well as adequate protection of their investments.

According to him,  the bank would continue to work towards improving its business performance on a sustainable basis for the benefit of its stakeholders, while maintaining transparent disclosures, professionalism, and good governance.