Skye Bank’s Bad Debt Provisions Affect Bottomline in 2011 Earnings, Revenue Up
Skye bank released its audited financial statements today. The figures included a 200% increase in bad debt provision for the 2011 financial year driving the number to N23.7 billion from just under N 8 billion in 2010.
Revenue did improve significantly as Skye took N 104.8 billion in earnings, a markup of 25% over last year’s performance.
Profit before tax did plummet 48% to N 6.5 billion in from N 12.7 billion in 2010.
Net income was down by 50% to N 5.1 billion from N 10.4 billion in 2010.
The bank increased lending 27%, up to N 490 billion from N 385 billion in 2010.
Management has proposed a 25 kobo dividend for the company’s shareholders.
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