Skye Bank issues profit warning to shareholders, investor

The management of Skye Bank Plc has intimated the bank’s shareholders and investor community of anticipated material decline in its profits for the full year ended December 31, 2015 compared with that of 2014.

The earnings warning released at the Nigerian Stock Exchange (NSE) and signed by Abimbola Izu, Executive Director/Company Secretary, Skye Bank Plc noted that the expected decline in performance is attributable to 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,” the bank said.

Skye Bank Plc said it remains committed to its focus on supporting the growth of the Retail and SME sectors amongst 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 added.