Skye Bank Records N16.2bn Income in Q1

Skye Bank Plc has recorded net interest income of N16.2 billion for the first quarter(Q1) ended March 31, 2014, showing an increase of 31 percent from the N12.377 billion posted in the corresponding period of 2013. 
The results made available by the Nigerian Stock Exchange (NSE) through its website yesterday showed that Skye Bank Plc ended the Q1 with gross income of N34.3 billion, compared with N34.6 billion in 2013. 
Operating income grew to N20.9 billion during the review period from N19.5 billion the previous year, an increase of seven per cent. However, its profit before tax declined from N4.6 billion in 2013 to N3.4 billion in 2014. Profit after tax also decreased to N2.8 billion as against N3.7 billion the previous year. Skye Bank said while growth its  net interest income  was boosted by rise in income from commission  and fees, investments and other activities, profit  declined due to increase in in operating expenses.

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