Skye Bank has announced 82 per cent rise in profit before tax in the first quarter (Q1) of 2015, following expanded business after the acquisition of Mainstreet Bank.
It posted N6.2 billion for Q1 ended March 31, 2015, an increase of 82 per cent over N3.4 billion in Q1 2014.
Profit after tax grew to N5 billion compared to N2.7 billion in 2014, a rise of 85 per cent.
Gross earnings rose to N42.3 billion, from N34.3 billion in 2014, appreciating 23 per cent. Shareholders’ fund jumped to N137.3 billion from N132 billion.
The IFRS compliant result filed with the Nigeria Stock Exchange (NSE) showed total assets hitting N1.43 billion, against N1.42 billion in Q1 2014.
Strong growth performance indicators reflected in total liabilities, including total deposits of N1.3 trillion, from N1.2 trillion in the preceding year.
The fee and commission income stood at N10.2 billion in Q1 2015, up from N6.2 billion in 2014, or 64.5 per cent.
Skye Bank’s Group Managing Director/Chief Executive Officer, Timothy Oguntayo, said the bank is set to deliver superior value and returns to the shareholders as it enters its new strategic growth phase.
He enthused that the bank would leverage on the acquisition of Mainstreet Bank to take services closer to customers and expand its bouquet of value adding offerings to meet the diverse needs of stakeholders.
