Teflon Skye: How lender grew profits by 52 pct

Skye Bank managed to buck the trend among Nigerian financials and post stellar results despite the tough macro environment. The mid-tier lender’s first-half net income rose 52 percent to N8.79 billion, from N5.78 billion in the 2014 period. This is how they did it. Grow Topline Other News Stanbic IBTC PMI: Nigeria’s private sector expands […]

Skye Bank managed to buck the trend among Nigerian financials and post stellar results despite the tough macro environment.

The mid-tier lender’s first-half net income rose 52 percent to N8.79 billion, from N5.78 billion in the 2014 period.

This is how they did it.

Grow Topline

Skye Banks Gross Earnings increased by 33.4 percent in the First Half (H1) of 2015 over the earlier period to N85.2 billion from N68.3 billion in H1 2014.

Grow Interest Income

Interest Income increased by 31 percent to N67.2 billion from N51.2 billion.

Keep a lid on Loan loss expenses

Skye Bank managed to keep expenses for bad loans at almost the same levels as last year. Loan loss expense rose by just 5 percent to N5.2 billion from N5 billion.

Grow other income

Skye Bank also managed to grow investment and other income by 42 percent in the period