Proshare Logo
   Market Date: 28-01-2015   
Agriculture ARTS FINANCE All One Min News Archives Bonds Cap Mkt Sentiments Capital Market CASHLESS NIGERIA Commodities Corporate Earnings Daily & Weekly Market Updates Elections Enterpreneurship ETFs Forex Frauds & Scandals General Global Market Insurance Investors NewsBeat Islamic Finance Mergers & Aquisitions Money Market Mortgage Mutual Funds Nigeria Economy Oil Sector Opinions and Analysis Pensions People Personal Finance Politics Power Products & Services Professionals Property Public Offers Private Placements Regulators REITs Stock PICKS Taxation Telcos Travel & Tours Unlisted OTC MARKET World of Business

Strategic to Skye Bank’s Growth - Akinfemiwa

Category: Investors NewsBeat

  Read (1577)
Strategic to Skye Bank’s Growth - Akinfemiwa


The outgoing Group Managing Director of Skye Bank, Mr. Akinsola Akinfemiwa, said the bank has benefited immensely from banking  reforms, pre and post consolidation as well as the on going reforms spearheaded by the Governor of the Central Bank of Nigeria (CBN), Sanusi Lamido Sanusi.

Akinfemiwa told shareholders at the bank’s  4th Annual General Meeting in Abuja yesterday that Skye Bank has archived strategic growth owing to the reforms, stressing that the financial institution has leapfrog its position on industry rating, almost on a yearly basis.According to him, during pre- consolidation and due to clear-cut  growth strategies, Skye Bank moved to the 25th position among the 89 banks at the time.

The MD pointed out that after the Soludo-led consolidation, Skye Bank moved from the 25th in ranking to between the 8th and 9th position, adding that currently (with the Sanusi-led banking reforms) the bank now number four in the industry.Besides the reforms, Akinfemiwa attributed the growth to the steadfastness of the Board and Management in keeping to the vision and mission set for the organisation.

He said the group’s gross earnings stood at N131.52bn, which when annualised, amounted to a 37 per cent increase from the previous year’s figure of N76.61billion.  According to him, “whereas total loans and advances increased by 30 per cent to N327.2billion (N251.43billion in 2008), deposits fell marginally by 10 per cent, from N500.21billion to N450.19billion.” He, however, said that there was a steep decline in the bank’s profit after tax, from N15.1billion to N1.13billion. That, the GMD noted, was a reflection of the significant level of provisioning the bank had to make in deference to regulatory guidance and the general challenging operating environment of banks in 2009.

He said the board of Skye Bank has been very fantastic, adding: “It is not an easy task for five banks to come together without major hitches, which the bank has achieved and is commendable.”  The bank’s shareholders approved a dividend of five kobo per ordinary share of 50kobo each for shareholders, whose names appeared on the register of members “at the close of business on May 5, 2010”. A shareholder who is the leader of Shareholders’ Trustee Association of Nigeria (STAN) of the bank, Murthar Murthar, applauded the CBN for the reforms, which he said will at the end of the day be beneficial to the industry.

But another shareholder, Mr Sony Nwosu, who is the National Coordinator of Independent Shareholders Association of Nigeria (ISAN), said the reform is bound to fail, insisting that the approach of the CBN has been hasty and hardly well conceived.  The Group Managing Director-designate of Skye Bank Plc, Kehinde Durosinmi-Etti said the apex bank’s focus on transparency and full disclosure had helped Skye Bank to attain its objective of being among the first four banks in the country as against the previous regime, where everyone claimed to be “number one”. Durosinmi-Etti also said that the bank was ready for another round of consolidation, noting that it had done well with the 2005 exercise and would raise more capital.


Tags: , 

Comment With Your Facebook or Yahoo! ID

Latest news

News on Investors NewsBeat

About Us

Who We Are
Our Team & Partners
Corporate Governance
Advertise with Us
Subscribe / Unsubscribe
Site Map
News Feed - RSS
Contact Us
Volunteer Program
Message from CEO

News & Features
The Analyst / Market Data
Investor Relations Portal
The Regulator
Economy & Politics
Training Portal
Events Calendar
NewsStands - Online Reputation

Products and Services

Research & Market Intelligence
Analyst Services
Offers & Rights Support Service
Investor Relations Services
Alert & Subscription Services
Share Support Services
Proshare Consult
Event & Seminar Coverage
Market Directory
File a Complaint
News & Analysis

News from TheANALYST
Video News from WebTV
Money Market Updates
Opinions & Analysis
Nigerian Economy
Market Data
The Regulator
Discussion Forum

Subscriber Agreement
Privacy Policy
Data Policy
Copyright Policy
Comments in Site
Advertising Code
Conflict of Interest
Content Partnership
3rd Parties

Online Trading and Execution
Legal Support Services
Web/Technology Services
File a Complaint

CBN Governor 2014