Business
Skye Bank grosses N129b in Q3
In from Success Allantee . . .
Skye Bank Plc grew its top-line by 33 per cent to N129.24 billion in the first nine months of this year, as the commercial bank continued to draw on the synergies from its recent acquisition and absorption of another mid-sized bank.
Nine-month report for the period ended September 30, 2015 indicated that Skye Bank’s gross earnings rose by 33.1 per cent to N129.24 billion in third quarter 2015 as against N97.13 billion recorded in comparable period of 2014. Interest income had grown by 25 per cent from N79.51 billion to N99.50 billion while non-interest income rose sharply by 69 per cent from N17.62 billion to N29.74 billion.
Also, profit before tax rose by 21.5 per cent from N12.33 billion to N14.98 billion while profit after tax also rose correspondingly by 21.5 per cent from N9.87 billion to N11.98 billion. Earnings per share for the nine-month period stood at 86 kobo in 2015 as against 75 kobo recorded in comparable period of 2014.
Skye Bank acquired erstwhile Mainstreet Bank Limited in December 2014, and concluded the integration of both banks in June 2015.
Read also: Skye Bank completes integration of Mainstreet Bank
Group Managing Director, Skye Bank Plc, Mr. Timothy Oguntayo, said the bank would sustain the upward growth pattern through the last quarter of the year.
According to him, having successfully executed one of the biggest acquisitions in the nation’s banking industry, the bank was poised to deliver superior value and returns to its various stakeholders.
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