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Skye Bank Holds AGM



The fourth Annual General Meeting of Skye Bank Plc is scheduled tomorrow at the Transcorp Hilton Hotel, Abuja.

The bank said in a statement that the meeting will among other things consider resolutions to raise fresh capital of up to N100billion whether by way of equity or bond issuance, in such tranches and in such manner as may be determined by the directors.The statement further stated that the proposed capital raising exercise would take place once the necessary regulatory approvals have been obtained. 

According to the bank, an enhanced capital would further enable it to better play its financial intermediating role to the critical sectors of the Nigerian economy to pave the way for the economic development of the nation. Skye Bank Plc recorded gross earnings of N126.67billion for the year ended December 31, 2009 as against N74.62 billion achieved in 2008. The result represents a growth of 69.76 per cent.  

In the audited results, the bank’s net interest income rose by 54.52 per cent, from N30.47billion to N47.09billion; which is indicative of a high degree of efficiency in the management of its interest expense and quality earning potential.Despite the difficult operating environment and the significant challenges faced by the banking industry during the year, Skye Bank declared a profit before tax of N2.15billion and profit after tax of N1.13billion, respectively. Skye Bank posted a pre-tax profit of N2.8 billion during the first quarter of the 2010 financial year, underscoring a better financial result than the previous year.


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