Skye Bank refutes Sahara Reporters’ Distress Story

skye-bank


Skye Bank Plc has dismissed the report published in an online medium, Sahara Reporters, alleging that the bank and eight others were found to have liquidity stress after a Central Bank of Nigeria examination.
This report is coming just 24 hours after the CBN Governor addressed the media at the end of a 2-day monetary Policy Committee Meeting which noted that no bank is distressed or suffering from inadequate capital.
Skye Bank said neither the CBN nor any other regulatory agency conducted any stress test on the bank. The only test conducted on the bank was a CBN risk-based examination which is routine and recorded no negative report against Skye Bank
According to the bank, the online report is a mere fabrication as the bank recently released its 3rd quarter result which was submitted to the Nigeria Stock Exchange and widely published in the newspapers.
Skye Bank said its figures and fundamentals as contained in the 3rd quarter results were sound and robust. According to the 3rd quarter result for year 2015 released by the bank early this month, it recorded gross earnings of N129.24 billion at the end of September 30, 2015, representing an increase of 33.06 percent over the N97.13 billion recorded during the corresponding period in 2014.
The unaudited result showed very strong fundamentals in all the key performance indicators and strong growth in fees and interest income, as well as investment and other incomes.
The bank’s fees and commission income grew to N25.46 billion as against N15.57 billion recorded during the same period in 2014. The result reflects a growth of 63.52 per cent. Similarly, investment and other income rose to N4.28 billion from N2.05 billion, representing 108.77 per cent growth.
The result further showed that the bank’s profit before tax increased to N14.98 billion during the year under review from N12.33 billion during the same period in 2014, a growth of 21.45 per cent. Also, profit before tax increased by the same 21.45 per cent to N11.98 billion as against N9.87 billion in 2014.
The Bank therefore assures its customers not to be distracted by such sensational stories which are usually common in this season of the year.

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