Sky Bank makes N12.7bn profit

In spite of the challenging operating environment in the banking sector last year, Skye Bank Group recorded a profit before tax of N12.7 billion for the year ended December 31, 2010 as against the N845 million reported during the 15-month period ended in 2009.Similarly, the groups profit after tax showed a significant increase from N9 million in the previous year to N10.4 billion during the review period.According to a statement issued by the bank, its 2010 performance on all major critical indices showed that significant progress was made towards realising and sustaining its growth plans post-industry crisis.The bank noted that the performance reflected the gradual shift in its market segmentation focus to the top-tier corporate and commercial businesses, and an enhanced risk management structure.The result also reflected the outcome of the business re-engineering process adopted by the bank as well as the collective hard work of its resourceful, competent and adaptive workforce, the statement explained.Other positive indices of the result include a 12 per cent growth in the banks assets from N632.5 billion in 2009 to N705.9 billion in 2010, showing the success of its business development activities in spite of the difficult operating environment.Similarly, loans and advances grew by 20 per cent during the year to N392.7 billion from N327.2 billion in 2009, notwithstanding the pervasive industry attitude to lending during the period under review.Furthermore, the groups total deposits increased by 11 per cent to N507.6 billion from N455.9 billion in the preceeding year.The statement further explained that the Skye Group grew its shareholders funds to N109.3 billion from N88 billion in 2009, showing an increase of 21 per cent.
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