Skye Bank plc has announced a profit after tax of N16.02 billion for the financial year ended December 31, 2013, indicating an increase of 26.7 percent compared to N12.6 billion posted in 2012.
The bank’s total assets rose from N1.0.73 trillion in 2012 to N1.116 trillion in 2013, while its deposit liabilities also increased from N966 billion to N996 billion in the year under review, reflecting a 3 % growth. Total equity appreciated from 106.8 billion in 2012 to N120 billion in 2013, indicating the bank’s financial stability and solidity as loans and receivables also rose to N549.8 billion in 2013 from N540.3 billion in 2012.
Speaking on the result, Group managing director of the bank, Mr. Kehinde Durosinmi- Etti was quoted in a press statement that despite various regulations on monetary policy, with impact on liquidity cost, fees and overall earnings, the bank still came out strong.
“Having recorded gross earnings of N127.3 billion, we grew our interest income by 4 percent year –on-year, from N101 billion in 2012 to N105 billion, while our interest expense reduced by 23 percent to close at N43.6 billion from N56.5 billion”.
Mr. Durosinmi-Etti further stated that the bank’s increased its net operating income year-on-year from N56.7 billion in 2012 to N68.5 billion representing a 21 percent increase.
“We are confident about the successful implementation of our Tier 1 and Teir 2 Capital Raising Project within the year as planned, which would enable us to deepen our penetration in existing markets, while also providing the avenue for exploring uncharted segments and other opportunities”, he concluded.
