Skye Bank Plc has announced that it is set to enhance its  performance and profitability by expanding support for growth sectors of the Nigerian economy.

A statement by the bank on Wednesday, noted that the bank was set to finance the development of critical and otherwise relegated parts of the economy.

In line with this, the bank said that it is would invest in the agriculture sector, while minimising costs through low-cost deposits.

The bank cited the Imo Hill Farm as a case study of what it had been doing in recent times to ease access to finance to farmers and support them all through to meet the peculiarities of their operations.

The statement noted that there had been considerable increase in lending to customers, in spite of the general lacklustre lending situation in the banking industry.

It said, “Audited report and accounts of Skye Bank for the year ended December 31, 2011 showed that total assets rose from N705.86bn in 2010 to N927.10bn. Loans and advances to customers increased from N385.6bn to N490.7bn.

“The third quarter report for 2012 indicated that loans and advances has risen to N537.45bn just as total assets crossed the trillion Naira mark to N1.tn by September 2012, while shareholders’funds increased to N120.55bn.”

The Executive Director, Corporate and Investment Banking, Skye Bank Plc, Mr. Timothy Oguntayo, said the bank would focus on growing businesses that would develop into stable long-term banking relationships.

He explained that the bank was increasing its financial supports for agriculture with the establishment of a suite of customer-centric agricultural products and services aimed at not only providing finance but also other major success factors such as financial management services, advisory services, guarantees, information services, local and international liaison and other products and services that may be specially needed to enhance the success of the farmer.

Oguntayo said, “The Imo Hill Farm, which is a case study of what we have been doing in this regard, is an integrated farm project in the South Western part of the Nigeria which covers poultry, piggery, feedmill and meat processing. The farm has engaged MP Farms, a German agric firm known as one of leading names in Europe, as its technical partners.

“With support from the bank, the Imo Hill Farm promises to be a case study in agricultural innovation and livestock development in sub-Saharan Africa.

Source: Punch (written by Udeme Ekwere)