Skye Bank Pre-tax Profit Falls 15.3%

 Onyedimmakachukwu Business, Finance/Money

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VENTURES AFRICA – Nigerian lender Skye Bank announced on Tuesday a its nine month pretax profit fell 15.3 percent to N14.56 billion ($91.83 million) from N16.55 billion ($99.89 million) in the corresponding period of last year. However the bank’s gross earnings rose to N102.04 billion ($615.89 million), 8.4 percent higher than 94.13 billion ($568.14 million) recorded a year earlier.
Skye Bank last month won the bid to buy nationalised lender Mainstreet Bank after the Asset Management Corporation of Nigeria (AMCON) put up for
sale its 100 percent stake in the bank which was nationalised along with two others following a $4 billion Central Bank bailout that saved several Nigerian lenders from near bankruptcy in 2009.
The completion of the transaction is however subject to the fulfilment of the conditions precedent as stated in the share sale and purchase agreement (SPA) to be executed with Skye Bank PLC as well as the receipt of all required regulatory approvals from the Central Bank of Nigeria and the Securities and Exchange Commission