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Skye Bank declares N6.2bn Q1 profit

By on May 19, 2015

Skye Bank Plc has posted a profit before tax of N6.2bn for the first quarter of 2015.

The figure is 82 per cent higher than the N3.4bn pre-tax profit it declared for the corresponding quarter of 2014.

Similarly, the bank’s profit after tax at N5bn in Q1 2015 represented a marked difference year-on-year.

Specifically, the PAT indicated an 85 per cent increase when compared with the N2.7bn profit after tax Skye Bank made in the first quarter of 2014.

The bank’s unaudited results for the quarter ended March 31, 2015, which it filed with the Nigerian Stock Exchange, showed that it recorded growth across the performance indicators.

For instance, the bank’s gross earnings jumped by 23 per cent to N42.3bn in the review period from N34.3bn in the same period of 2014; as a result of its expanded business activities.

Also, its fee and commission income rose from N6.2bn in 2014 to N10.2bn in the first quarter of 2015, indicating a 64.5 per cent growth, while the shareholders’ fund rose from N132bn to N137bn.

In the review period, the bank’s total assets hit N1.43tn as against N1.42tn at the end of the first quarter of 2014, while the total liabilities, including total deposits, stood at N1.3tn as against N1.2tn in the preceding year.

The Group Managing Director and Chief Executive Officer, Skye Bank, Mr. Timothy Oguntayo, was quoted in a statement by the bank as saying it had entered a strategic growth phase.

He stressed that the bank was set to deliver superior value and returns to the shareholders as the bank enters its new strategic growth phase.

He explained that Skye Bank would leverage the acquisition of Mainstreet Bank to take its services closer to its customers and expand its bouquet of value adding offerings to meet the diverse needs of its stakeholders.

Meanwhile, the equities segment of the Nigerian Stock Exchange witnessed a strong bargain on Monday with the top market indicators edging up.

The NSE All-Share Index rose by 0.99 per cent or 342.06 per cent to close at 34,781.46 basis points, while the market capitalisation of the listed equities gained N120bn or 1.02 per cent to close at N11.817tn.

Investors exchanged 305.713 million shares worth N2.979bn 4,674 deals with 38 shares recording price appreciation and 18 others making losses.

Skye Bank Plc led the gainers, rising by 9.68 per cent to close at N2.38 per share.

 

 

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