Skye Bank grows first quarter earnings by 25%

Skype Bank Plc has posted gross earnings of N34.7 billion in the first quarter of 2013 against N27.8 billion recorded in the same period of 2012.

The performance represents a 25-per cent year on year improvement, just as the bank is set to make early strides in the financial year, with strong support from the previous records.

According to the interim report and accounts for the first quarter ended March 31, 2013, Skye Bank recorded double-digit growth year-on-year in income, with revenue growth largely driven by an impressive increase in its core banking operations.

Commenting on the outlook for the bank, the Group Managing Director, Skye Bank Plc, Kehinde Durosinmi-Etti, said the first quarter results placed the bank in a good stead to sustaining its impressive year-on-year performance.

The report raises expectations that the bank would, in the current financial year ending December 31, 2013, significantly surpass its performance in the previous year, when it recorded the highest industry growth in net profit.