Skye Bank records N12b profit

Skye Bank Plc has announced its Third Quar­ter result with moderate growth in some performance indices. It recorded a profit before tax of N12.3billion during the period, which repre­sents a quarter on quarter growth of 33 percent.

With gross earnings of N97.1billion, the bank was able to reduce its in­terest expense by 15 per cent year on year to close at N30.3billion compared to N35.7billion as at Sep­tember 2013. This is in line with its operational strategy of increasing the volume of low cost funds in its deposit portfolio.
The bank closed with a year-to-date net loans and advances balance of N576billion showing a 6% increase year on year. Similarly, customer depos­its grew to N801.7billion as against N726.8billion of the previous year while as­set size remained strong at N1.1trillion with a 3 per­cent year-on-year growth.
The bank said barring any unforeseen circum­stances, the growth pattern would be improved in the remaining period of the fi­nancial year.
“Our loan impairment charge increased by 62 percent year on year to N7.5billion, being a delib­erate policy of aggressive provisioning early in the year to enable a fairly sus­tained position and avoid high concentration in the last quarter of the year. Non-interest income im­proved by 15 percent YoY to N17.6billion compared to N15.2billion of the cor­responding period in 2013.