Yemisi Izuora
Skye bank Plc. has notified its 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 expected decline in performance is attributable to Management’s decision to recognize 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.
The bank states that, 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 is expected to be disclosed after regulatory approvals of the financial statements.
We remain committed to our 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.