Skye Bank Continues To Disappoint, Post 25% Drop In Pre-Tax Profits (2014 Q1)


skye bank

Skye Bank Plc released its 2014 Q1 results posting a 25% decline in earnings per share of 20.9kobo. Highlights of the results were as follows;

  • Net Interest Income dropped 31% to N16.2billion (2013 Q1: N12.3billion)
  • Net interest margin was 60% compared to 45% a year earlier
  • Loan losses rose over 700% to N2.5billion
  • Operating income however rose 7% to N21billion (prior year N19.5billion)
  • Operating expenses rose 17% to N17.billion (2013 Q1 N14.9billion)
  • This helped pre-tax profits tumble to N3.4billion, a 25% drop from the N4.6billion posted a year earlier.
  • Cost to income ratio remained high at about 75%
  • This was another poor result from the bank

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