Skye Bank makes N10.4b profit

Skye Bank Group has recorded a post-tax profit of N10.4billion for the year ended December 31, 2010 as against N9million reported during the 15-month period ended in 2009.

Similarly, the group posted N12.7billion pre-tax profit compared to N845million in 2009.

In a statement, the bank noted that the performance reflected the gradual shift in its niche market to the top-tier corporate and commercial businesses and an enhanced risk management structure.

Skye Bank explained it achieved this feat despite verychallenging operating environment in the year under review.

“The result also reflected the outcome of the business re-engineering process adopted by the bank as well as the collective hard work of its resourceful, competent and adaptive workforce,” the statement explained.

Other positive indices of the result include a 12 per cent growth in the bank’s assets from N632.5 billion in 2009 to N705.9 billion in 2010.

Similarly, loans and advances grew by 20 per cent to N392.7 billion from N327.2 billion in 2009 while the group’s total deposits increased by 11 per cent to N507.6 billion from N455.9 billion.

The statement explained that the Skye Group grew its shareholders’ funds to N109.3 billion from N88 billion in 2009, showing an increase of 21 per cent.

It said the results also reflected volume growth in treasury business, significant reduction in non-performing loans and sustenance of bank-wide cost management measures.

source : The Nation