2014 H1: Alarm Bells Ring As Skye Bank Post 31% Drop In Pre-tax Profits

Skye Bank Plc released its 2014 H1 results showing pre-tax profits dropped 31% to N7.2billion (2013 H1: N10.5billion). Ne Interest Income rose slightly by 4.3% to N30.5billion. However, this was not enough to stop the bank from posting a lower pre-tax profits. A major reason was a right off of about N5billion in loan loss expenses which was 100% more than the N2.5billion written off a year earlier.

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