Kehinde Durosimi-Etti

Skye Bank Plc has announced a profit before tax of N16.5 billion for the third quarter ended September 30, 2012, showing an increase by 45.4 per cent over the N11.4 billion, recorded during the same period in 2011.

The financial statement submitted on the Nigerian Stock Exchange (NSE) also revealed that the bank’s profit after tax during the review period grew to N13.2 billion as against N8.9 billion the previous year, showing a growth of 47.5 per cent.

The result also showed that the bank’s total assets jumped to N1.1 trillion compared with N939.1 billion recorded during the corresponding period in 2011, showing an increase of 15.9 per cent.

Similarly, its gross earnings for the period in review rose to N94 billion from N73 billion reported last year, representing an increase of 28.4 per cent.

According to the bank, its all-round growth trajectory is due 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 and its efficient, well-structured cost management strategy, which began a few years ago.

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.