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Skye Bank Issues Profit Warning

Skye Bank Plc has issued profit warning in respect of its financial year ended December 31, 2015.

The management of the bank in a statement to the Nigerian Stock Exchange (NSE) intimated its shareholders and investor community of an anticipated material decline in its profits for the full year ended December 31, 2015 compared with that of 2014.

According to the statement signed by the bank’s Executive Director/Company Secretary, Mrs. Abimbola Izu, the expected decline in performance is attributable to the management’s decision to recognise increased impairment on loans to sectors severely affected by the prevailing economic headwinds which are yet to abate, especially the lull in oil & gas and real estate sectors.

“While this cautious approach has been adopted, we have designed and commenced appropriate remedial processes to salvage the affected assets as soon as possible.

Full details of the Group’s financial performance will be disclosed after regulatory approvals of the financial statements.

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“We remain committed to our focus on supporting the growth of the retail and SME sectors among others. In 2015, we made substantial improvements to our risk management framework with a view to ensuring that our risk assets portfolio remains solid and of good quality. Our cost containment, internal efficiency and process improvement measures remain on track,” the bank noted.