Skye Bank Plc has announced a profit before tax of N6.2 billion for the first quarter ended March 31, 2015, representing an increase of 82 per cent over the N3.4 billion recorded during the same period in 2013. Similarly, the bank’s profit after tax grew to N5 billion during the review period compared to N2.7 billion achieved during the corresponding period in 2013, showing a rise of 85 per cent.

Durosinmi-Etti, GMD, Skye Bank

According to the unaudited result submitted on the floor of the Nigeria Stock Exchange yesterday, the bank also recorded strong growth in all the performance indicators. Reflecting the bank’s inclination towards fee based transactions, its fee and commission income which was N6.2 billion in 2013, increased to N10.2 billion in the first quarter of 2014, representing a growth of 64.5 per cent.

The expanded business activities of the bank also manifested in a big rise in its gross earnings which rose to N42.3 billion from N34.3 billion in 2013, appreciating by 23 per cent. The shareholders’ fund also rose to N137.3 billion from N132 billion. The IFRS compliant result also shows the bank’s total assets hitting N1.43 billion as against N1.42 billion during the same period in 2013. Similarly, its total liabilities, including total deposits, stood at N1.3 trillion as against N1.2 trillion in the preceding year.

Commenting on the first quarter result, Skye Bank’s Group Managing Director/Chief Executive Officer, Mr. Timothy Oguntayo, said the bank was set to deliver superior value and returns to the shareholders as the bank enters its new strategic growth phase. Oguntayo said the bank would leverage on the acquisition of Mainstreet Bank to take its services closer to its customers – current and prospects – and expand its bouquet of value adding offerings to meet the diverse needs of its stakeholders.