Skye Bank plc set out with early strides in this financial year as it built on its performance in the previous year, with a strong showing in the first quarter of this year.
Interim report and accounts for the first quarter ended March 31, 2013, showed that it recorded double-digit growth year-on-year in income and profit, with revenue growth largely driven by an impressive increase in its core banking operations.
Commenting on the outlook for the bank, Kehinde Durosinmi-Etti, group managing director, Skye Bank, said the first quarter results placed the bank in a good stead to sustaining its year-on-year performance.
“We are glad to announce our first quarter 2013 results with measured growth in key performance indices. Our improved risk management processes and various efficiency practices are a signpost towards an optimistic financial year.
“Our gross earnings improved by 25 percent year-on-year from N27.8 billion to N34.7 billion, which is an indication of an increase in business volume. Interest income grew by 18 percent year-on-year from N23 billion to N27.2 billion, and a reduction of 78 percent year-on-year in impairments. We recorded a 56 percent growth in our non-interest income lines, while a moderate increase in our operating expenses resulted in a profit before tax growth of 13 percent year-on-year from N4.1 billion to N4.6 billion.”
He said further that its balance sheet size remained relatively flat but robust at N1.1 trillion at the end of Q1 2013, with a 6 percent year-to-date gross loan growth of N601.9 billion.
Correspondingly, the bank’s core deposit volumes grew by 2 percent year-to-date and 4 percent with the inclusion of other deposit liabilities, bringing the total deposit liabilities to N821.9 billion.
“We remain confident that despite intense competition, we are on track to deliver on our set targets for the year,” he said.
