Skye Bank Group has recorded a profit before tax of N4.3 billion for the first quarter ended March 31, 2011 representing an increase of 33 per cent over the N3.2 billion achieved during the corresponding period in 2010.

Similarly, the group’s profit after tax increased to N3.4 billion during the review period as against N2.6 billion recorded in the preceding year, showing a growth of 31 per cent.

According to a statement issued by the bank, the result was achieved inspite of the inclement business environment which piled many odds against many business concerns.The bank noted that the performance reflected the gradual shift in its market segmentation focus to the top-tier corporate and commercial businesses, and an enhanced risk management structure.

Other positive indices of the result include an increase in the group’s assets which rose to N749.5 billion during the end of the first quarter compared with the N705 billion recorded during the same period in 2010.

The group’s deposits and liabilities also grew to N639 billion from N594.5 billion posted at the end of the first quarter in 2010.

The bank explained that the ongoing business reclassification and other initiatives embarked upon have opened new business opportunities which have improved its overall bottomline.