Skye Bank’s Half-year Earnings Up 33% | Independent Newspapers Limited
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Skye Bank’s Half-year Earnings Up 33%

Posted: Aug 2, 2015 at 12:02 am   /   by   /   comments (0)

By Bamidele Ogunwusi, Lagos

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

Skye-Bank-Plc-Commits-500m-To-Maritime-Sector-In-NigeriaSkye Bank PlcAccording to the highlights of the results submitted to the Nigeria Stock Exchange (NSE) on Thursday by the bank, the bank’s shareholders’ funds grew from N131 billion in 2014 to N141 billion during the period under review, representing a growth of 7 per cent.

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.

The positive indices and strong financial fundamentals which characterized the bank’s half year results also manifested in the growth of the profit before tax from N7.3 billion in the preceding year to N10.7 billion in the year in review, representing an increase of 47 per cent.

As a sign of its financial strength, the lender had a massive 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.

Speaking on the results, the Group Managing Director/Chief Executive Officer of the bank, Mr. Timothy Oguntayo, said that the bank was beginning to harness the business potentials, 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. He added that 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.