19th October, 2012
One of Nigeria’s leading bank, Skye Bank Plc has declared a profit before tax of N16.5 billion for the third quarter ended 30 September, 2012.
The bank’s report shows an increase of 45.4 per cent over the N11.4 billion recorded during the same period in 2011.
The report which was submitted on the floor of the Nigeria Stock Exchange (NSE) also showed that the bank’s profit after tax rose to N13.2 billion as against N8.9 billion in the previous year, indicating a growth of 47.5 per cent.
Other highlights of the results include the growth in the bank’s total assets to N1.1 trillion compared to N939.1 billion recorded during the corresponding period in 2011, showing an increase of 15.9 per cent.
Also, its gross earnings for the period under review rose to N94 billion from N73 billion reported last year, representing an increase of 28.4 per cent.
According to the bank, its all-round growth trajectory is due to increased volume of business in key and promising sectors of the economy, following optimal deployment of information and telecommunication technology channels across its business offices nationwide and its efficient, well-structured cost management strategy, which began a few years ago.
The bank’s earnings per share also rose by 47.5 per cent to 100.08 kobo during the period under review from 67.85 kobo last year.
Its net earnings grew to N50.8 billion from N48.6 billion the previous year, while operating expenses declined by 8.1 per cent, from N37.3 billion in September 2011 to N34.2 billion, reflecting efficiency.
Investors swooped on the bank’s shares following the impressive result causing its share price to appreciate by 20 kobo, closing at N4.25 on Monday when the result was announced from its price of N4.05 at the weekend.
—Henry Ojelu