Skye Bank plc has recorded a profit before tax of N6.2 billion for the first quarter ended March 31, 2015, representing an increase of 82 percent over the N3.4 billion recorded during the same period in 2014.
Similarly, the bank’s profit after tax grew to N5 billion during the review period compared with N2.7 billion achieved during the corresponding period in 2013, showing a rise of 85 percent.
According to the unaudited result submitted on the floor of the Nigerian Stock Exchange (NSE), the bank also recorded strong growth in all the performance indicators.
Reflecting on the bank’s inclination towards fee-based transactions, its fee and commission income which was N6.2 billion in 2014, increased to N10.2 billion in the first quarter of 2015, representing a growth of 64.5 percent.
The expanded business activities of the bank also manifested in a big rise in its gross earnings, which rose to N42.3 billion from N34.3 billion in 2014, appreciating by 23 percent. The shareholders’ fund also rose to N137.3 billion from N132 billion.
The IFRS compliant result also shows the bank’s total assets hitting N1.43 billion as against N1.42 billion during the same period in 2014. Similarly, its total liabilities, including total deposits, stood at N1.3 trillion as against N1.2 trillion in the preceding year.
Commenting on the first quarter result, Timothy Oguntayo, Skye Bank’s group managing director/CEO, said the bank was set to deliver superior value and returns to the shareholders as it entered its new strategic growth phase.
Oguntayo said the bank would leverage the acquisition of Mainstreet Bank to take its services closer to its customers – current and prospects – and expand its bouquet of value adding offerings to meet the diverse needs of its stakeholders.
HOPE MOSES-ASHIKE
