2013 FY Results: Skye Bank Bounces Back As It Post 26% Increase In PAT and Declares 30kobo Dividend. See Details…

Skye Bank PCL released its 2013 FY results showing Gross Earnings of N127billion a 0.3% drop from the year before. Other details are as follows;

• Net Interest Income increased 38% to N61.6billion (2012: N44.5billion). This was helped by a 22% drop in Interest expense YoY
• Loan loss remained high at N12billion
• Operating income rose 22% to N71billion
• Operating profit rose 3.8% to N17billion (2012: N16.5billion
• Operating expenses remained high at N54billion and an estimated 64% in Cost to Income ratio.
• Profit after tax rose 26.7% to N16billion (2012: N12.6billion)
• Customer deposits increased 4% to N823billion
• Loans and advances was flat t N545billion(2012: N540billion) Loan to deposit ratio was 67.6%
• Return on Average Equity for the year was 14.1% compared to 12.2% a year earlier.
• They proposed a dividend of 30kobo per share