Skye Bank issued the following profit warning to its shareholders and investors.
SKYE BANK PLC FINANCIAL YEAR ENDED DECEMBER 31, 2015 – EARNINGS
The Management of Skye bank Plc. wishes to intimate its shareholders and investor
community of anticipated material decline in its profits for the full year ended December 31,
2015 compared with that of 2014. The expected decline in performance is attributable to
Management’s decision to recognize increased impairment on loans to sectors severely
affected by the prevailing economic headwinds which are yet to abate, especially the lull in
Oil & Gas and Real Estate Sectors.
While this cautious approach has been adopted, we have designed and commenced
appropriate remedial processes to salvage the affected assets as soon as possible.
Full details of the Group’s financial performance will be disclosed after regulatory approvals
of the financial statements.
We remain committed to our focus on supporting the growth of the Retail and SME sectors
amongst others. In 2015 we made substantial improvements to our risk management
framework with a view to ensuring that our risk assets portfolio remain solid and of good
quality. Our cost containment, internal efficiency and process improvement measures
remain on track.