Skye Bank Plc grew its total assets by 26.8 per cent to N1.42tn in 2014 from N1.12tn the previous year, the bank’s audited results for the 2014 financial year showed.
In the same vein, the bank’s deposits jumped by 15.7 per cent to N952.3bn in the review period from N823.3bn in 2013.
The results also showed that the bank’s retained earnings rose by 70.6 per cent from N19.73bn in 2013 to N33.7bn in 2014, boosting its total equity by nine per cent to N132.26bn from N121.4bn.
Also up, albeit marginally, was the operating income; it rose to N69.33bn from N68.5bn, reflecting better efficiency in cost management – on the back of a 2.4 per cent rise in interest income from N105.3bn to N107.85bn.
According to the Skye Bank, the growth in retained earnings is in line with its pursuit of growth in a stable and sustainable manner.
The bank’s profits were, however, limited by impairment charges, regulatory payments and higher operating costs as well as the cost of acquiring Mainstreet Bank.
Consequently, the profit before tax declined from N19.6bn in 2013 to N10.5bn in 2014, while the profit after tax fell to N9.7bn from N18.5bn.
The Group Managing Director and Chief Executive Officer, Skye Bank, Mr. Timothy Oguntayo, is, however, optimistic about the bank’s future.
He was quoted as saying that despite 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.
He added that the acquisition of Maintreet Bank Limited, which had resulted into a much larger franchise of over 450 branches, provided the bank with enhanced capacity to offer easier access to its teeming customers, and explore various opportunities in diverse segments of the economy.
He also assured the shareholders that the synergies and economies of scale expected from the Mainstreet acquisition would begin to manifest from the current financial year.
Oguntayo promised the bank’s current and potential customers of consistent quality service on all electronic platforms and in the business locations.
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Source : Punch