Skye Bank’s total assets hit N1.42 trillion

SKYE Bank Plc. has reported total assets of N1.42 trillion during the financial year ended December 31, 2014, which represents a 26.8per cent growth over the N1.12 trillion recorded during the corresponding period in 2013.

Similarly, the Group’s total liabilities consisting of its deposit base and other accruals rose to N1.29 trillion during the period under review as against N995 billion during the same period in 2013. This shows an increase of 29.6per cent.

Its profit after tax however declined to N9.7 billion as against N18.5 billion reported in 2013

According to the bank’s approved 2014 full year financial statements submitted to the Nigerian Stock Exchange (NSE), it grew its loans and advances portfolio by 18.4 per cent from N549.9 billion in the previous year to N651.3 billion in the year under review.

The IFRS compliant results also show an increase in total equity to N132.3 billion as against N121.4 billion in the preceding year, representing a growth of 8.9per cent.

Significantly, retained earnings grew by 71.1per cent, rising to N33.7 billion from N19.7 billion recorded in 2013, which reflected the Group’s pursuit of growth in a stable, strategic and an enduring manner.

In view of certain developments during the year, including elevated impairment charges, regulatory payments, and higher operating cost, its profit before tax for the year declined from N19.6 billion to N10.5 billion during the review period.

Speaking on the result, the bank’s Group Managing Director/Chief Executive Officer, Timothy Oguntayo, said that in spite of the challenging operating environment, the bank carefully grew its risk assets portfolio, attained a 15.7 per cent growth in deposits, supported customers in critical and productive sectors of the economy, and declared a fairly decent profit.

Oguntayo said 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.

He 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.