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Skye Bank Reports Gross Earnings of N94 billion after 9 Months

By on October 16, 2012

 

Skye Bank with foreign subsidiaries in Sierra Leone, The Gambia, and Guinea, announced its unaudited third quarter results.

Following the release of results, Group Managing Director/Chief Executive Officer (GMD/CEO) of Skye Bank Plc, Mr. Kehinde Durosinmi-Etti, stated that:

“We recorded an improved performance in Q3 2012, considering our 28% growth in gross earnings, from N73.29 billion in September 2011 to N94.13 billion; and profit before tax growth of 45%, at N16.55 billion (cf. N11.38 billion in the corresponding period last year).

“Our balance sheet continued to grow, from N939.1 billion at year-end 2011, to N1.1 trillion. During the period, whereas total assets grew by 16%, the growth in our deposits was 23% (from N666.9 billion at 2011 year-end to N821.5 billion). Also, gross loans and advances, excluding other receivables, recorded a growth of 7%, from N526.1 billion to N563.2 billion.

“The focus on efficiency, over the past few years, continued to put us in a vantage position to compete. For instance, our moderated branch expansion and tightening of capital expenditure resulted into a year-on-year 18% reduction in depreciation expense, from N4.77 billion to N3.92 billion. In like manner, other operating expenses fell by 17.6%, from N20.87 billion to N17.19 billion.

“This set of results places our Bank on a favorable pedestal to meet and surpass our projections for the year.”

One Comment

  1. ayekooto

    October 16, 2012 at 8:40 am

    Is this true? The figs and facts re thre, the profit margin this year has been poor and the liquidity challenges…..