By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-Nigeria’s top tier lender, Skye Bank Plc on Thursday proposed a 1 for 20 bonuses to investors in its audited period ended December 31, 2014, the bank said in a filing with the Nigerian Stock Exchange (NSE).
The lender affirmed its total assets grew 26.8 percent to N1.42 trillion in the review period of 2014 from N1.12 trillion recorded a year earlier.
In the same vein, Skye Bank says it grew its loans and advances portfolio by 18.4 percent to N651.3 billion from N549.9 billion the previous year.
According to bank, the Group’s total liabilities consisting of its deposit base and other accruals increased from N995 billion in 2013 audited year end to N1.29 trillion; indicating an increase of 29.6 percent in the review period.
Similarly, total equity climbed up to N132.3 billion from N121.4 billion reported in 2013 end; showing a rise of 8.9 percent in the period under review.
Skye Bank says its retained earnings grew significantly by 71.1 percent to N33.7 billion from N19.7 billion posted in 2013.
On the contrary, profit before tax (PBT) declined 46.7 percent to N10.47 billion from N19.64 billion declared in 2013.
Also, profit after tax (PAT) dipped from N9.74 billion in 2013 to N19.64 billion in the review period of 2014; indicating a dip of 47.4 percent.
Similarly, gross earnings inched up 3.3 percent to N136.74 billion from N132.32 billion declared a year earlier.
A statement from the bank quoted Timothy Oguntayo, group managing director (GMD) of Skye Bank as saying that in spite of the challenging operating environment, the bank carefully grew its risk assets portfolio, attained a 15.7 percent growth in deposits, supported customers in critical and productive sectors of the economy, and declared a fairly decent profit.
He affirmed that the recent acquisition of Mainstreet Bank Limited, which has resulted into a much larger franchise of over 450 branches, provides the bank with enhanced capacity to provide easier access to its teeming customers, and explore various opportunities in diverse segments of the Nigerian economy.
The Skye Bank GMD assured shareholders and other stakeholders that the synergies and economies of scale expected from the acquisition will begin to manifest from the current financial year, while promising current and potential customers of consistent quality service on all electronic platforms and in the business locations.
Share price of the bank at the close business on the Nigerian bourse fell 8.82 percent from N2.38 the previous session to N2.17; losing 0.21 kobo per share.
