UPDATE 1-Nigeria's Skye Bank Q2 net profit rises 43 pct

Mon May 11, 2009 8:59am EDT
 
[-] Text [+]

* Q2 net up 43 pct to $66 mln

* Net assets more than double yr-on-yr (Adds details)

LAGOS, May 11 (Reuters) - Nigeria's Skye Bank Plc (SKYE.LG) saw net profit jump 43 percent to 9.61 billion naira ($66 million) in its second quarter to March 31, the Nigerian Stock Exchange said on Monday.

Gross earnings leapt 87 percent to 51.66 billion naira, the bank told the Nigerian bourse in its latest report.

Skye's fixed assets grew to 24.43 billion naira from 15.59 billion a year ago, while cash and bank balances rose to 62.68 billion naira from 39.34 billion naira.

The bank more than doubled its net assets to 86.90 billion naira from 26.55 billion naira in the same period of the previous year.

Skye has around 250 branches and 600 automated teller machines in Nigeria, sub-Saharan Africa's second biggest economy after South Africa, making it a middle-ranking financial services firm. (Reporting by Oludare Mayowa; Editing by Rupert Winchester)

 

Companies In This Article

Featured Broker sponsored link