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Tuesday, October 16, 2012

Skye Bank achieves 48% growth in Q3 profits

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Skye Bank achieves 48% growth in Q3 profits
Oct 16th 2012, 18:11

By  NKIRUKA NNOROM

Skye Bank Plc has announced a 47.5 per cent increase in its profit after tax for the third quarter ended 30th September, 2012.

The bank's financial statement filed with the Nigerian Stock Exchange, NSE, indicated that the profit for the period rose to N13.23 billion from N8.97 billion recorded in the same period of 2011.

Also, the profit before tax grew by 45.4 per cent to N16.55 billion, in comparison to N11.38 billion reported in 2011. The gross earning at N94.13 billion was 28.4 per cent improvement over N73.29 billion recorded in equivalent period in the preceding year.

While operating expenses saw 8.1 per cent increase to N34.24 billion within the review period, interest expenses fell by 81.1 per cent to N40.44 billion, as against N22.33 billion in 2011. Interest income rose by 34.5 per cent from N56.79 billion in 2011 to N76.41 billion in the review period.

Other highlights of the results showed that loan advances went up to N537.45 billion from N503.19 billion; deposits increased to N790.38 billion from N651.33 billion, indicating 21.3 per cent increase, while total assets also went up by 16.1 per cent to N1.09 trillion, as against N939.08 billion recorded in corresponding period of 2011.

According to analysts from FBN Capital, the bank's loans-to-deposit ratio fell from 82 per cent in quarter two to 68 per cent at the end of third quarter, improving its liquidity position in the process.

"We believe this is down to Skye Bank's response to the monetary policy committee's recent moves to squeeze liquidity out of the system.

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