Skye Bank shows strength post Mainstreet acquisition

As quoted companies release their 3rd quarter results in line with regulatory requirements, a number of banks last week submitted their unaudited results for the period ended September 30th, 2015. Despite the regulatory headwinds and severe shocks in the operating environment, a vast number of the banks managed to declare very impressive results.

Skye Bank Plc, one of the banks to announce their results last week, announced gross earnings of N129.24 billion for the third quarter ended September 30, 2015, representing an increase of 33.06 percent over the N97.13 billion recorded during the corresponding period in 2014.

The bank’s unaudited result submitted on the floor of the Nigeria Stock Exchange , showed very strong fundamentals in all the key performance indicators and strong growth in fees and interest income, as well as investment and other incomes.

The bank’s fees and commission income grew to N25.46 billion as against N15.57 billion recorded during the same period in 2014. The result reflects a growth of 63.52 per cent. Similarly, investment and other income rose to N4.28 billion from N2.05 billion, representing 108.77 per cent growth.

The result further showed that the bank’s profit before tax increased to N14.98 billion during the year under review from N12.33 billion during the same period in 2014, a growth of 21.45 per cent. Also, profit before tax increased by the same 21.45 per cent to N11.98 billion as against N9.87 billion in 2014.

Timothy Oguntayo Group Managing Director/Chief Executive Officer described the result as positive and promised that the upward growth pattern would be sustained through the remainder of the year.

Oguntayo said having successfully executed one of the biggest acquisitions in the nation’s banking industry, the bank was poised to deliver superior value and returns to its various stakeholders.

Skye Bank acquired erstwhile Mainstreet Bank Limited in December 2014, and concluded the integration of both banks in June 2015. It has also successfully re-engineered its operations, people, and processes for seamless customer experience at all its service points and channels.

The bank is currently the fourth largest in Nigeria in terms of branch network. It has embarked on several game-changing initiatives that will bring about a new world of possibilities for its customers, being the first company in Nigeria to launch a ‘Customer Service Charter’; and also launched a women-focused ‘Skye Pearl Initiative’ last week.

Skye launches Pearl intiative for women, professionals

Other initiatives embarked upon by the bank to remain atop the competition include the launch of the ‘Skye Pearl’ intiative, a programme designed for female entrepreneurs and professionals. It is a business solution  to support its female customers in their various businesses.

The initiative which was unveiled recently, is a platform that offers series of benefits to sit-at-home mothers, professionals and women-owned SMEs, by offering them a chance to grow and expand their wealth through partnership, relationship, access to finance, information, networking, mentoring and empowerment initiative.

Speaking at the launch of the initiative, Group Managing Director/Chief Executive Officer of Skye Bank Plc, Timothy Oguntayo, described the Pearl product as a well-thought-out offering conceived by women and birthed by women basically to cater for the needs of Nigerian women. He said it was the bank’s way of ensuring that its customers, especially the women customers enjoy fullness of our business.

“The initiative is for our women, our Pearls, who own Small and Medium Enterprises (SMEs) as well as individual customers. They may be Professionals or Stay-at-home moms, or better still, women entrepreneurs who are seeking to unleash their potential but have not been empowered. Our research has shown that most of these ‘Pearls’ are simply waiting to access capital to show what they can do. They need dedicated financial and non-financial services support to bring out the latent power in them and Skye Bank is positioned to provide the platform for this”, Oguntayo said.

The Skye Bank boss said for financial sustainability and participatory development involving women to take place, conscious efforts must be made to enhance women’s access to finance, adding that this realization prompted the bank to bring women on board as national development partners through nurturing their entrepreneurial spirit.

Adebola Osibogun, guest speaker, who is also the President of the Chartered Institute of Bankers of Nigeria, commended the bank for conceptualising the Pearl initiative which recognizes the needs and aspirations of women entrepreneurs.

“Women are powerful, they are nation builders and for any nation or business to thrive, there must be a space large enough to contain women and for me, that it what “Skye Pearl initiative is bringing to the fore”, she said.

Ibiye Ekong Executive Director, South South/South East and Retail Banking, Skye Bank Plc,said the six pillars of the Pearl initiative are: Capacity Building; information; networking; empowerment; mentoring; access and finance”. This is aimed to project Pearl Woman as someone who is “precious, informed, connected, evolving and a role model” she hinted

She further disclosed that an online platform, skyepearl.com , had been created which members of the public can log on to and explore endless possibilities. Part of the activities that would be enjoyed on the “Skye Pearl” program include an online platform, where members can participate in focused group sessions, and also discuss issues that concern women. There would also be online trainings on financial education, and access to mentors and role models.

Skye Attains ISO certification

      

In demonstration of its continued commitment to offer its customers and stakeholders enhanced satisfaction in a more stable and secure environment, Skye Bank recently attained three International Standard Organisation (ISO) certifications by the British Standard Institution. The three integrated management systems certifications are the Information Security Management System ISO/IEC 27001:2013, IT Service Management System ISO/IEC 20000-1:2011 and Business Continuity Management System, ISO 22301:2012.

ISO/IEC 27001:2013 is the most rigorous global security standard for information security. Ultimately ISO 27001 provides a high level of confidence and trust in organizations that are certified to it. It confirms that an organization has put in place best practices for information security processes and has ensured data integrity, confidentiality and most of all customer asset safety. By obtaining certification to ISO 27001, Skye Bank gains a competitive advantage.

ISO 20000-1 puts in place controls to measure and maintain consistent levels of IT services, through the  integration of people, processes and technology to support business and customer objectives. It acknowledges a high level of efficiency in IT service provision and an ability to continuously improve the delivery of IT services.

ISO 22301 allows organizations to identify potential threats and unexpected disruptions. With ISO 22301, organizations will not only significantly reduce the risks to their businesses, but will also help achieve operational resilience.

Tunde Ayeni, the bank’s chairman said the certifications represented a major thrust of the bank’s philosophy of service excellence and its customer centric approach. He restated the commitment of the bank to continually improve its services using modern technology for the benefit of its customers, adding that service innovation would be a major component of the bank’s value delivery to its customers.

HOPE MOSES-ASHIKE