ADVERTISEMENT
  • The Membership Club
  • PT Hausa
  • About Us
  • Advert Rates
  • Careers
  • Contact Us
Friday, March 5, 2021
Premium Times Nigeria
  • Home
  • COVID-19
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Features
    • Investigations
    • Interviews
    • Markets
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • Parliament Watch
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
  • Home
  • COVID-19
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Features
    • Investigations
    • Interviews
    • Markets
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • Parliament Watch
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
Premium Times Nigeria
BUA Group Ad BUA Group Ad BUA Group Ad
ADVERTISEMENT
Skye Bank, UBA release 2012 results for first 9 months

Skye Bank, UBA release 2012 results for first 9 months

byOluwaseyi Bangudu
October 16, 2012
2 min read

 Both banks declared a better result for 3rd quarter of 2012 than that of 2011.

 

Skye Bank has announced a profit before tax of N16.55 billion for the third quarter of 2012 in its its released unaudited results for the third quarter.

The bank, which has foreign subsidiaries in Sierra Leone, Gambia, and Guinea, announced the results on Monday at the Nigerian Stock Exchange.

Following the release of results, the Group Managing Director/Chief Executive Officer of the bank, Kehinde Durosinmi-Etti, said the bank’s focus on efficiency, over the past few years, continued to put it in a vantage position to compete.

“We recorded an improved performance in Q3 2012, considering our 28 per cent growth in gross earnings, from N73.29 billion in September 2011 to N94.13 billion; and profit before tax growth of 45 per cent, at N16.55 billion ( compared to N11.38 billion in the corresponding period last year),” he said.

The bank’s balance sheet continued to grow, from N939.1 billion at year-end 2011, to N1.1 trillion.

During the period, total assets grew by 16 per cent and the growth in deposits was 23 per cent (from N666.9 billion at 2011 year-end to N821.5 billion). Also, gross loans and advances, excluding

other receivables, recorded a growth of 7 per cent, from N526.1 billion to N563.2 billion.

RelatedNews

Nigerian stocks end two-day rally with N66bn loss

Nigerian stocks manage weak rebound after week of losses

Return on Nigerian stocks negative after bank shares sell-offs

NSE: Market sustains momentum, advances by N24 billion

The bank’s approach of moderated branch expansion and tightening of capital expenditure resulted into a year-on-year 18 per cent reduction in depreciation expense, from N4.77 billion to N3.92 billion. Also, other operating expenses fell by 17.6 per cent, from N20.87 billion to N17.19 billion.

“This set of results places our Bank on a favorable pedestal to meet and surpass our projections

for the year,” Mr. Durosinmi-Etti said.

The bank said it remains committed to the continuous development of its risk management infrastructure and people, to manage its growing operations as well as ensure full implementation of its Enterprise-wide Risk Management Framework, which covers all facets of risk.

Dangote adbanner 728x90_2 (1)

Mr. Durosinmi-Etti said in alignment with CBN’s accelerated implementation of Basle II & III Accord, the Bank, at the end of the second quarter, established a predictive risk analytics department to build on data generated from its already established Base compliant risk infrastructure.

Speaking on the outlook for the rest of the financial year, Mr. Durosinmi-Etti said the bank’s focus is “on efficiency, throughout our entire operations will be consolidated in the remaining part of the year”.

The bank chief promised to continue to support its Information & Communication Technology infrastructure, with a view to providing internal and external customers with the best platforms for superior service experience.

“In spite of our very challenging, operating environment, our shareholders should rest, assured of the provision of adequate returns,” he said.

A Banking Analyst at Renaissance Capital, an investment bank, said the profit after tax represents 84 per cent of the firm’s 2012 financial year forecast for the bank.

ADVERTISEMENT

“At first read, the key driver for the outperformance was strong growth in interest income during the quarter, which outpaced the growth in funding costs,” he said.

Just like Skye Bank, the United Bank for Africa Plc (UBA) announced its unaudited financial results for the nine months ended September 30.

A profit of N44.86billion was achieved for the period, representing an increase of 376.22 per cent over the N9.42billion recorded in the corresponding period last year

“We continue to pursue our unique strategy of creating a diversified business in terms of geography and earnings mix. This combination of scale and depth is keeping us on target to deliver on all key performance guidance we set for this year” said Phillips Oduoza, UBA’s Group Managing Director and Chief Executive Officer.

“UBA has continued to build on the strong results recorded in the first two quarters of the year. The nine months results are a continuing vindication of our strategy of scale and diversification,” he added.

  • WhatsApp
  • Tweet
  • Email
  • Print
  • Telegram
  • More
  • Share on Tumblr
  • Pocket

Support PREMIUM TIMES' journalism of integrity and credibility

Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.

By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.

Donate


TEXT AD: To advertise here . Call Willie +2347088095401...



JOIN THE CONVERSATION

  • Disqus (0)
premiumtimes



PT Mag Campaign AD

Previous Post

First lady, Patience Jonathan, may arrive, Wednesday

Next Post

West African swimmers to gather in Ondo for championship

Oluwaseyi Bangudu

Oluwaseyi Bangudu

More News

atm-machine-nigeria1

Customer Satisfaction: Nigerian banks, others worst performers — Govt. Data

March 5, 2021
Nigeria Stock Exchange trading floor

NSE: Negative sentiment persists as stocks shed N82 billion

March 4, 2021
Dollar and Naira bills [Photo credit: NairaFX]

Naira strengthens on I&E window

March 4, 2021
Food items in a market

Global food prices rise for nine straight month in February — FAO

March 4, 2021
Dangote refinery

Major oil marketers oppose proposal to allow only Dangote Refinery, others import fuel

March 4, 2021
Federal Secretariat, Abuja

FG extends work from home directive for GL12 officers, below

March 4, 2021
Next Post
West African swimmers to gather in Ondo for championship

West African swimmers to gather in Ondo for championship

Lagos Police arrests another 91 crime suspects in Ajegunle

Lagos Police arrests another 91 crime suspects in Ajegunle

Discussion about this post

Search

#EndSARS: Latest Updates




Polaris Bank


JAIZ Ad


NITDA Ad





Glo Ad

Subscribe to News via Email

Enter your email address and receive notifications of news by email.

Join 1,629,252 other subscribers.

Advertisement






netherland biz school Advert



Zenith Advert

ADVERTISEMENT

Our Digital Network

  • PT Hausa
  • Election Centre
  • Human Trafficking Investigation
  • Centre for Investigative Journalism
  • National Conference
  • Press Attack Tracker
  • PT Academy
  • Dubawa
  • LeaksNG
  • Campus Reporter

Resources

  • Oil & Gas Facts
  • List of Universities in Nigeria
  • LIST: Federal Unity Colleges in Nigeria
  • NYSC Orientation Camps in Nigeria
  • Nigeria’s Federal/States’ Budgets since 2005
  • Malabu Scandal Thread
  • World Cup 2018
  • Panama Papers Game
  • Our Digital Network
  • About Us
  • Resources
  • Projects
  • Data & Infographics
  • DONATE

All content is Copyrighted © 2020 The Premium Times, Nigeria

No Result
View All Result
  • Home
  • COVID-19
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Health
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Features
    • Investigations
    • Interviews
    • Markets
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • Panama Papers
    • Paradise Papers
    • Parliament Watch
    • AGAHRIN
  • Opinion
  • PT Hausa
  • The Membership Club
  • Dubawa
    • Dubawa NG
  • About Us
  • Advert Rates
  • Careers
  • Contact Us
  • Digital Store
  • DONATE

All content is Copyrighted © 2020 The Premium Times, Nigeria

Our website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
loading Cancel
Post was not sent - check your email addresses!
Email check failed, please try again
Sorry, your blog cannot share posts by email.