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Home Opinions Blurb

Teflon Skye: How lender grew profits by 52 pct

Nairametrics by Nairametrics
August 1, 2015
in Blurb
Skye Bank
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Skye Bank managed to buck the trend among Nigerian financials and post stellar results despite the tough macro environment.

The mid-tier lender’s first-half net income rose 52 percent to N8.79 billion, from N5.78 billion in the 2014 period.

This is how they did it.

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Grow Topline

Skye Banks Gross Earnings increased by 33.4 percent in the First Half (H1) of 2015 over the earlier period to N85.2 billion from N68.3 billion in H1 2014.

Grow Interest Income

Interest Income increased by 31 percent to N67.2 billion from N51.2 billion.

Keep a lid on Loan loss expenses

Skye Bank managed to keep expenses for bad loans at almost the same levels as last year. Loan loss expense rose by just 5 percent to N5.2 billion from N5 billion.

Grow other income

Skye Bank also managed to grow investment and other income by 42 percent in the period

 

Tags: Skye Bank
Nairametrics

Nairametrics

Nairametrics is Nigeria's top business news and financial analysis website. We focus on providing resources that help small businesses and retail investors make better investing decisions. Nairametrics is updated daily by a team of professionals. Post updated as "Nairametrics" are published by our Editorial Board.

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Comments 2

  1. Ogus says:
    August 1, 2015 at 11:00 am

    a fav ! 2 banks for the price of less than 1 . now under N2 . lov it

    Reply
  2. Uyi says:
    August 1, 2015 at 11:51 am

    That’s very good,Skye Bank have started to pick up.
    Is it a good buy now?
    Please reply.

    Reply

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