Skye Bank Records N137Billion Gross Earnings
Goddy Egene
Skye Bank Plc has recorded gross earnings of N136.742 billion for the year ended December 31, 2014, up from N132.39 billion in 2013. The bank also reported total assets of N1.42 trillion, which represents a 26.8 per cent growth over the N1.12 trillion recorded in 2013.
According to the bank’s full year financial statements submitted to the Nigerian Stock Exchange (NSE) yesterday, Skye Bank it grew its loans and advances portfolio by 18.4 per cent from N549.9 billion in 2013 to N651.3 billion in 2014.
Significantly, retained earnings grew by 71.1 to N33.7 billion from N19.7 billion recorded in 2013, which reflected the Group’s pursuit of growth in a stable, strategic and an enduring manner.
However, due to high impairment charges, regulatory payments, and higher operating cost, its profit before tax for the year declined from N19.6 billion to N10.5 billion during the review period. Also, its profit after tax declined to N9.7 billion as against N18.5 billion reported in 2013.
Commenting on the results,Group Managing Director/Chief Executive Officer of the bank, Mr. Timothy Oguntayo, said that in spite of the challenging operating environment, the bank carefully grew its risk assets portfolio, attained a 15.7 per cent growth in deposits, supported customers in critical and productive sectors of the economy, and declared a fairly decent profit.
Oguntayo said that the recent acquisition of Mainstreet Bank Limited, which has resulted into a much larger franchise of over 450 branches, provides the bank with enhanced capacity to provide easier access to its teeming customers, and explore various opportunities in diverse segments of the Nigerian
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economy.
He assured shareholders and other stakeholders that the synergies and economies of scale expected from the acquisition will begin to manifest from the current financial year, while promising current and potential customers of consistent quality service on all electronic platforms and in the business locations.