Despite the huge challenges which banks in the country have faced since the last two years, Skye Bank Plc has announced a Profit Before Tax (PBT) of N5.96 billion for the second quarter ended June 30, 2010.

Similarly, the bank posted a Profit After Tax (PAT) of N4.77 billion during the period under review, which by the prevailing industry situation is considered a very positive performance. Also, its gross earnings increased by 81 per cent , from N23 billion in the first quarter ended 31 March 2010, to N43 billion. The result showed that the bank’s deposits moved up by 35 per cent to N519 billion, as against N383 billion during the same period in 2009.

The result which was presented on the floor of the Nigeria Stock Exchange yesterday showed that the bank grew its loans and advances from N281 billion in 2009 to N331 billion during the review period, representing about 18 per cent  increase, in spite of the prevailing situation in the Nigerian economy and in the banking industry in particular.

The bank stated that profit before tax and profit after tax during the corresponding period in 2009 was N8.7 billion and N6.9 billion respectively.