The figure is the unaudited 3rd quarter result
Skye Bank PLC has recorded the sum of N94 billion profit in its nine-month unaudited third quarter results, Kehinde Durosinmi-Etti, the bank’s Group Managing Director/Chief Executive Officer, announced on Monday.
?We recorded an improved performance in Q3 2012, considering our 28% growth in gross earnings, from N73.29 billion in September 2011 to N94.13 billion; and profit before tax growth of 45%, at N16.55 billion (cf. N11.38 billion in the corresponding period last year),? Durosinmi-Etti said while releasing the result.
?Our balance sheet continued to grow, from N939.1 billion at year-end 2011, to N1.1 trillion. During the period, whereas total assets grew by 16%, the growth in our deposits was 23% (from N666.9 billion at 2011 year-end to N821.5 billion). Also, gross loans and advances, excluding other receivables, recorded a growth of 7%, from N526.1 billion to N563.2 billion.?
The GMD/CEO reiterated the bank’s focus on efficiency, saying it had kept them in a vantage position to compete over the past few years.
According to him, their moderated branch expansion and tightening of capital expenditure resulted in a year-on-year 18% reduction in depreciation expense, from N4.77 billion to N3.92 billion, as well as other operating expenses which fell by 17.6%, from N20.87 billion to N17.19 billion.
?This set of results places our bank on a favourable pedestal to meet and surpass our projections for the year,? he added.
Skye Bank has subsidiaries in Sierra Leone, The Gambia and Guinea.
