A Review of the Nigerian Energy Industry

Different strokes for Stanbic IBTC, Access Bank, Skye Bank

Nigerian banks in LagosSam Ikeotuonye

03 November 2013, Sweetcrude, Lagos – For Stanbic IBTC, Access Bank and Skye Bank, it is a case of different strokes. While Stanbic IBTC and Skye Bank recorded improved results in their operations for the first nine months of this year, Access Bank saw losses.

Stanbic IBTC’s results for the period showed that profit before tax climbed to N20.33 billion, a 126 per cent increase on the N8.740 billion it achieved in the same period last year. Gross earnings were N83 billion compared with last year’s January to September figure of N64 billion.

For Skye Bank, gross earnings were N102 billion, an N8 billion addition to N94 billion it earned in the same period in 2012. Profit before tax, however, dipped to N14.562 compared to N16.54 billion it achieved in the corresponding period of the previous year while profit after tax equally declined to N11.65 billion within the period under review.

Access Bank’s gross earnings stood at N154 billion at the end of September 2013, but profit before tax fell by 10.26 per cent to N35 billion as at the end of September this year, compared to N39 billion for same period of 2012. Its operating income also witnessed a decline, falling by 7.96 per cent to N104 billion during the period, from N113 billion as at September 2012. The company’s operating income, however witnessed a 4 per cent improvement from N34 billion in the second quarter, to N35 billion as at the end of September this year.

Stanbic IBTC said its impressive performance was driven by efficient cost management and stable market share while the Group Managing Director/Chief Executive Officer, Access Bank Plc, Mr. Aigboje Aig-Imoukhuede, not bemoaning his company’s performance, said: “We have commenced the focused implementation of our 2013 – 2017 medium term strategy. Already our customers are enjoying a step change in the quality of service delivery as a result of the introduction of 200 customer experience initiatives which will enhance our customer
service to industry leading levels.

“As planned, we have achieved strong loan growth with good quality names and the revenue benefits will begin to accrue from fourth quarter and beyond.”

Group Managing Director/Chief Executive Officer, Skye Bank, Mr. Kehinde Durosinmi-Etti, said the results of true bank were indicative of its capacity to sustain continuous improvement in major performance indices. The moderate growth was commendable in the context of the several regulatory policies and tightened liquidity which had constrained profitability margins across the industry, he added.

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