Skye Bank Doubles Dividend As Net Profit Grows By 872%

By Festus Okoromadu

Skye Bank Plc has declared a dividend of 50kobo per share for the financial year ended December 31, 2012, which represents a 100 per cent increase over the previous year’s 25kobo per share.

The board of directors of the company has therefore fixed the annual general meeting (AGM) for May 22, 2013.  Though the venue of the meeting is yet to be disclosed, it certainly will be in Lagos. The dividend proposal is one of the major agenda to be discussed at the AGM as the approval of shareholders is required before the money can be disbursed. If the proposal is approved at the forthcoming meeting, shareholders account will be credited two days after the meeting.

Meanwhile, the bank’s profit and loss account for the 2012 financial year recorded improvement in every parameter with profit after tax growing by 872.62 per cent to N12.64 billion compared with N1.30 billion in 2011.

Revenue during the year rose by 24.75 per cent to N127.730 billion from N102.362 billion. Basic earnings per share appreciated to 95kobo as against 10kobo in the prior year representing 850 per cent growth.