Skye Bank posts N17b profit in 2013

Daily Trust - - NEWS - From Kay­ode Ekun­dayo, La­gos

Skye Bank Plc has an­nounced a profit be­fore tax of N17.136 bil­lion for the fi­nan­cial year ended De­cem­ber 31, 2013, rep­re­sent­ing an in­crease of 3.79 per cent over the N16.510 bil­lion recorded dur­ing the cor­re­spond­ing pe­riod in 2012.

Ac­cord­ing to the In­ter­na­tional Fi­nan­cial Reporting Sys­tem’s (IFRS) com­pli­ant re­sult sub­mit­ted to the Nigeria 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, show­ing an im­prove­ment of 26.7 per cent.

Other high­lights of the re­sult in­cluded growth in to­tal as­sets from N1, 073 tril­lion to N1.116 tril­lion, while its de­posit li­a­bil­i­ties also in­creased from N966 bil­lion to N996 bil­lion dur­ing the pe­riod un­der re­view, re­flect­ing a growth of three per cent.

Gross earn­ings N127.3bil­lion 2012.

The bank’s to­tal eq­uity grew dur­ing the re­view pe­riod from 106.8 bil­lion in 2012 to N120 bil­lion in 2013, in­di­cat­ing the bank’s fi­nan­cial sta­bil­ity and so­lid­ity.

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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 banks net in­ter­est in­come shot up to N61.69 bil­lion from N44.5 bil­lion in 2012, an in­crease of 38 per cent.

It earn­ings per share also rose to 121 kobo per share as against 101 kobo in the pre­vi­ous year.

The Group Man­ag­ing Di­rec­tor/ Chief Ex­ec­u­tive Of­fi­cer (GMD/ CEO), Mr. Ke­hinde Durosin­miEtti, while com­ment­ing on the bank’s 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% Year on Year from N101.0bil­lion to N105.3bil­lion while our in­ter­est ex­pense re­duced by 23%

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.

PHOTO:

From left: Ex­ec­u­tive Di­rec­tor, Toy­ota Nigeria Limited (TNL), Mr. Kunle Ade-Ojo; Man­ag­ing Di­rec­tor/CEO, Mr. Chan­drasheker Thampy; and Head, Ser­vice and Tech­ni­cal, Mr. Vic­tor Con­n­away, dur­ing the for­mal Launch of Body re­pair and paint cen­tre in their Ore­gun Of­fice, La­gos yes­ter­day OLADIPUPO ODUNEWU

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