Nigeria: Skye Bank records N129bn gross earnings in Q3 2015

Skye Bank Plc31 October 2015, Lagos – SKYE Bank Plc has announced gross earnings of N129.24 billion for the third quarter ended September 30, 2015, representing an increase of 33.06 percent over the N97.13 billion recorded during the corresponding period in 2014.

The bank’s unaudited result submitted on the floor of the Nigeria Stock Exchange yesterday, showed very strong fundamentals in all the key performance indicators and strong growth in fees and interest income, as well as investment and other incomes.

The bank’s fees and commission income grew to N25.46 billion as against N15.57 billion recorded during the same period in 2014. The result reflects a growth of 63.52 per cent. Similarly, investment and other income rose to N4.28 billion from N2.05 billion, representing 108.77 per cent growth.

The result further showed that the bank’s profit before tax increased to N14.98 billion during the year under review from N12.33 billion during the same period in 2014, a growth of 21.45 per cent. Also, profit before tax increased by the same 21.45 per cent to N11.98 billion as against N9.87 billion in 2014.

Commenting on the result, Group Managing Director/Chief Executive Officer of the bank, Timothy Oguntayo, described the result as positive and promised that the upward growth pattern would be sustained through the remainder of the year.

Oguntayo said having successfully executed one of the biggest acquisitions in the nation’s banking industry the bank was poised to deliver superior value and returns to its various stakeholders.

It would be recalled that Skye Bank acquired erstwhile Mainstreet Bank Limited in December 2014, and concluded the integration of both banks in June 2015. It has also successfully re-engineered its operations, people, and processes for seamless customer experience at all its service points and channels.

Skye Bank is currently the fourth largest bank in Nigeria in terms of branch network. It has embarked on several game-changing initiatives that will bring about a new world of possibilities for its customers, being the first company in Nigeria to launch a ‘Customer Service Charter’; and also launched a women-focused ‘Skye Pearl Initiative’ last week.

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