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Skye Bank 2014 pretax profit falls to N10.47 billion

By BusinessNews Staff on May 16, 2015

Skye Bank said on Friday its 2014 pretax profit fell 46.6 percent to 10.47 billion naira ($53 million), compared with 19.64 billion naira in the previous year.

Gross earnings however rose to 136.74 billion naira from 132.39 billion naira the previous year, while the directors have proposed a bonus issue of one share for every 20 held by existing shareholders, the bank said in a statement.

The middle-tier bank said its earnings were hit by increase loan loss expense, which rose 58 percent to 18.99 billion naira from 12 billion naira previously, while operating expense also increased 9.8 percent during the period.

[Business Day]

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