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Q2, 2012 Earnings: Skye’s Net Income Soars to N 8.1 billion

By on July 16, 2012

Skye Bank, one of Nigeria’s mid-tier banks, transmitted its Q2, 2012 earnings to the Nigerian Stock Exchange today.

The company reported gross earnings of N 59.65 billion, up 22% from N 48.9 billion over the same period in 2011.

Interest income was reported at N 47.8 billion, up 26% from N 38 billion over Q2, 2011.

Provisions for losses increased to N 1.8 billion from N 604 million , an increase of 198% over the similar period last year.

The company managed to cut back its operating expenses, which fell to N 23 billion, an improvement of 9% from the N 25.5 billion it spent in Q2, 2011.

Profit before tax was N 9.98 billion, an improvement of 36% from the N 7.3 billion it made in Q2, 2011.

Net Income came in at N 8.1 billion, representing a 40% growth from N 5.85 billion it made over Q2, 2011.

Deposits swelled by 15% to N 748.6 billion, an increase from N 651 billion as at Q2, 2011.

Loans and Advances came in at N 613 billion, an increase of 18.3% from the N 518 billion in credit it extended as at Q2, 2011.