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Skye Bank projects N3.5bn in 6 Months

Skye Bank Plc has projected a profit after tax of N3.457 billion for the half year ending 30, 2010, raising investors’ hope for a profitable year ahead.

The bank had reported a loss of N13.2 billion fourth quarter ended September 30, 2009 as a result of mandatory provision for toxic assets   following directive by the Central Bank of Nigeria (CBN).

Some other banks posted higher losses for the same period, while their audited results for the full year ended December 31, 2009 are being awaited following new policy on common year_end for all banks.

However, as investors await the results for December 31, 2009, Skye Bank Plc last week sent a projection of N27.2 billion gross earnings and a profit of N3.457 billion for the half to June 30, 2010.

Market operators said that given the market penetration, and product innovation of the bank, the projection is achievable. Skye Bank has been recording impressive results over the years and has stamped its authority in real estate and education financing among others.

In a bid to sustain its performance and tackle the challenges of the CBN’s policy, the board of the bank recently appointed the incumbent Deputy Managing Director of the bank, Mr. Kehinde Durosinmi_Etti, as the Group Managing Director designate.

He will succeed the incumbent Chief Executive Officer, Mr. Akinsola Akinfemiwa, who retires at the end of July. Akinfemiwa is one of the bank CEOs affected by the CBN tenure limitation policy. He has spent over 10 years as the Chief Executive Officer of both the defunct Prudent Bank and Skye Bank.

Durosinmi_Etti has been described as a seasoned banker with many years of cognate banking experience, spanning Banking Operations, Treasury Management, Investment Banking, Project Finance and Commercial Banking.

A 1982 Economics graduate of the University of Ibadan , Durosinmi_Etti is also a fellow of the Chartered Association of Certified Accountants (ACCA), United Kingdom .

After a stint in audit practice, he started his banking career in 1987 when he joined the Nigerian_American Merchant Bank Limited before moving to Midas Merchant Bank as Head of Treasury and Assistant General Manager in charge of Money Market Division.

Durosinmi_Etti had a stint at Lagos Building and Investment Company Limited before joining the then Eko International Bank (EIB) Plc and rose to become the Managing Director/Chief Executive Officer before the consolidation programme of 2005.

The Board had expressed confidence that the incoming leadership of the Management team of the bank will build on the growth that has been achieved by Akinsola Akinfemiwa and his team, and will quickly consolidate and expand the frontiers of the bank.


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