Wednesday, July 19, 2017 11.08AM / Skye Bank Plc
The Management of Skye Bank says it has in its efforts to stabilize the bank, successfully implemented cost management initiatives which has enhanced liquidity and efficient service delivery to its customers since the regulatory induced take-over of the bank one year ago.
The Bank also noted that it has as part of its aggressive recovery initiatives, recovered over N60b of outstanding bad loans over the past one year. The bank has also recouped N6.2 b from divestments.
“We have also reached settlement and restructuring agreements with many of the chronic bad debtors resulting in substantially improved payments and prospects of future recoveries.” Says the bank.
In an eight paragraph statement issued by the bank yesterday and signed by its Chairman and Group Managing Director, Messrs. M. K Ahmad and Tokunbo Abiru, the bank noted that through the support of its regulators, the CBN it has successfully embarked on initiatives to restructure and reposition the bank based on its broad mandate which includes cost management and optimization, as well as divestments to improve the institution's financial position.
Such cost containment measures include: branch rationalization, review of service contracts and cash management operations which have resulted in hundreds of millions of financial savings.
Further noting some of its achievements, the bank stated that it has successfully arrested and managed the post-intervention situation and have to a large extent, stemmed the tide and reduced deposit loss, thereby restoring customer confidence and stabilizing the institution.
It further noted that the new management has successfully settled many matured trade and bilateral obligations and restructured outstanding balances with the relevant institutions and counterparties.
The bank also reported that it has fully divested from four local subsidiaries releasing total cash value of N6.2billion, and is in the process of divesting from others.
1. Skye Bank Plc Notifies on the Late Release of 2016 Audited Financial Statements
2. Skye Bank - The Math Adds Up says CBN, Acquisition Payment of Mainstreet Bank Done – Nov 01, 2014
3. All eyes still on Skye Bank s capital raise
4. SKYEBANK Issues Earnings Guidance for Financial Year Ended 31st December 2015
5. SKYEBANK Seeks Four-Week Extension to File its 2015 Audited Financial Statement
6. Why investors should expect a contained earning from Skye Bank
7. Skyebank and The Prolonged Delay on Earnings Announcement
8. Expectedly, S&P rates Skyebank a CCC+ on back of Economic & Liquidity Concerns
9. Nigeria s Central Bank Takes Over Skye Bank - Sacks Board Over Capital Issues
10. Nigeria's Skye Bank Downgraded To 'CCC-' On Heightened Default Risk
11. Tracking Skye bank's Share Price: 5days After
12. Tracking Skye bank’s Share Price: 10days After
13. CBN Affirms Confidence in Skye Bank, Institutes Guarantee Line
14. Tracking Skye bank’s Share Price: 15days After
15. SKYEBANK Declares N40.73bn Loss in 2015 Audited Results SP N0.70k
16. Skye Bank Plc Reports Q4 2015 Results; Further Deterioration Expected in Q1 and Q2
17. All Round Pressure Sinks Skye Bank FY'15 Earnings
18. Skye Bank Plc Seeks Extension to file its Interim Financial Statements for Q1 and Q2 2016
19. Tracking Skye bank's Share Price: 25days After
20. Skye Bank Plc Appoints Babatunde Osibodu as General Counsel
21. Skye Bank is Neither Distressed Nor Liquidated - CBN
22. Skye Bank Ratings Suspended Due To Lack of Sufficient Information
23. Skye Bank Plc Announces the Resignation of some Executive Directors
24. Skye Bank Plc to file 2016 Audited Financial Statements on or before 12th May, 2017
25. Skye Bank Plc Notifies on the Late Release of 2016 Audited Financial Statements