Skye Bank posts N17b profit in 2013
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.
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.
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