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Saturday 23rd October 2021,
Hope for Nigeria

Skye Bank posts N17bn profit

Skye Bank Plc has announced a profit before tax of N17.136 billion for its 2013 financial year, an increase of 3.79 per cent over the N16.510 billion recorded in 2012.

According to the results, which is International Financial Reporting Standards (IFRS) compliant and submitted to the Nigerian Stock Exchange yesterday, the bank’s profit after tax rose significantly to N16.023 billion compared with N12.644 billion posted in the previous year , an improvement of 26.7 per cent.

A statement from the bank says growth in total assets leapt from N1,073 trillion to N1.116 trillion, while its deposit liabilities also increased from N966 billion to N996 billion during the period, reflecting a growth of three per cent. Gross Earnings stood at N127.3billion 2012.

The bank’s total equity grew from N106.8 billion in 2012 to N120 billion in 2013, indicating the bank’s financial stability and solidity. The bank’s loans and receivables also rose to N549.8 billion from N540.3 billion.

As a measure of its growing good loan portfolio, the bank’s net interest income shot up to N61.69 billion from N44.5 billion in 2012, an increase of 38 per cent. Its earnings per share also rose to 121 kobo per share as against 101 kobo in the previous year.

Its Group Managing Director/Chief Executive Officer (GMD/CEO), Mr. Kehinde Durosinmi-Etti, while commenting on the  performance, said: “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.

“Having recorded gross earnings of N127.3billion, we grew our interest income by 4 per cent year-on-year from N101billion to N105.3billion , while our interest expense reduced by 23 per cent to close at N43.6billion from N56.5billion. This reflected our focus at replacing relatively expensive term deposits with low-cost funding and the continuous use of our branch network to mobilize less costly deposits.

“With this, we increased our net operating income year-on-year (YoY) from N56.7billion to N68.5billion, representing a 21 per cent growth. Our operating expense increased YoY by 28 per cent, from N40.2 billion to N51.4 billion as a result of increased statutory payments and other operating costs. We ended the year with a profit before tax and profit after tax of N17.1billion and N16.0billion respectively, indicating growth of 3.8 per cent and 26.7 per cent respectively.

“We are confident about the successful implementation of our Tier 1 and Tier 2 Capital Raising Project within the year as planned, which would enable us deepen our penetration in existing markets, while also providing the avenue for exploring uncharted segments and other opportunities.The Information Technology Transformation Project involving deployment of high-grade Banking Application Software, optimal disaster recovery, enhanced Information and Communication Technology (ICT) security backbone, etc, would be concluded in the next few weeks. This Project, in tandem with our Mission Statement, testifies to our focus on using ICT as a business enabler and superior service delivery across all channels. While we intensify our drive for low cost deposits, the Bank will continue to strengthen various cost containment strategies, and invest more in employee capacity building with a view of creating innovative ideas to serve our customers better as enunciated in our Service Charter.

“Our various stakeholders should rest, assured that, in spite of the competitive and dynamic operating environment, our actions shall be informed by the quest formaximising their wealth and creating value”.

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