Wednesday, 17 April 2013

Skye Bank reports 1241% profit in 2012, proposes 50k dividend

Kehinde Durosinmi-Etti
WorldStage Newsonline-- The Nigerian Stock Exchange (NSE ) on Tuesday published Skye Bank’s fourth quarter (Q4) 2012 results with a loss after tax after minority interest of 88.5 per cent in Q4 at N909 million but a positive in full year at N12.056 billion, a 1241 per cent better than the previous year.
Interest income up by 35.9 per cent to N24.625 billion against the same quarter last year which added up to N101.032 billion in full year at 34.9 per cent growth.
Interest expense down by N16.092 billion, at 115.9 per cent which translated to N56.530 billion fall at 89.8 per cent in full year.
It made N10.221 billion provisions for bad loan at 57.9 per cent, out of the N13.121 billion for the full year which is 50.7 per cent less than the previous year.
Meanwhile, Skye Bank has proposes a dividend of 50 kobo because of the healthy results recorded over the nine months 2012 period .
According to analysts at FBN Capital, the “50kobo dividend is significant because it equates to a very impressive yield of 8.4%, based on a payout ratio of 52%; this may reassure the market that the underlying business remains strong despite the weak Q4 bottom line.”

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