Skye Bank Continues To Disappoint, Post 25% Drop In Pre-Tax Profits (2014 Q1)

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Skye Bank Plc released its 2014 Q1 results posting a 25% decline in earnings per share of 20.9kobo. Highlights of the results were as follows; Net Interest Income dropped 31% to N16.2billion (2013 Q1: N12.3billion) Net interest margin was 60% compared to 45% a year earlier Loan losses rose over 700% to N2.5billion Operating income […]

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Skye Bank Plc released its 2014 Q1 results posting a 25% decline in earnings per share of 20.9kobo. Highlights of the results were as follows;

Net Interest Income dropped 31% to N16.2billion (2013 Q1: N12.3billion)
Net interest margin was 60% compared to 45% a year earlier
Loan losses rose over 700% to N2.5billion
Operating income however rose 7% to N21billion (prior year N19.5billion)
Operating expenses rose 17% to N17.billion (2013 Q1 N14.9billion)
This helped pre-tax profits tumble to N3.4billion, a 25% drop from the N4.6billion posted a year earlier.
Cost to income ratio remained high at about 75%
This was another poor result from the bank