Skye Bank office

Skye Bank Plc has announced a profit before tax of N16.5 billion for the third quarter (Q3) ended September 30, 2012, showing an increase of 45 per cent over the N11.4 billion recorded in the corresponding period in 2011.

In the same vein, profit after tax profit after tax rose even higher by 47.5 per cent from N8.9 billion to N13.2 billion. Other highlights of the results include the growth in the bank’s total assets to N1.1 trillion compared to N939.1 billion recorded during the corresponding period in 2011, showing an increase of 16 per cent.

The bank’s earnings per share also rose by 47.5 per cent to 100.08 kobo during the period under review from 67.85 kobo last year. Its net earnings grew to N50.8 billion from N48.6 billion the previous year, while operating expense declined by 8.1 per cent, from N37.3 billion in September 2011 to N34.2 billion, reflecting efficiency.

The management of the bank attributed the impressive performance to increased volume of business in key and promising sectors of the economy following optimal deployment of information and telecommunication technology (ICT) channels across its business offices nationwide.

It also said its efficient, well-structured cost management strategy, which began a few years ago, contributed to growth.
The bank expressed optimism that it would sustain the momentum arising from the impressive third quarter result till the end of the current financial year.