Skye Bank Earmarks N3.3bn For Dividend

Skye Bank Plc has set aside a total of N3.3 billion to pay dividends for the financial year ended Dec. 31, 2012.

Reports say that this translates to a dividend of 25k per share.

Mr Olatunde Ayeni, the chairman of the bank, told shareholders at the Annual General Meeting of the bank in Lagos on Thursday that the bank maintained its usual conservative dividend policy.

He said that this was in spite of the though operating environment.

Ayeni said that the board recognised the importance of having a reasonable reserve to maintain the status of the bank.

He said that the bank had continued to invest in human development by providing challenging career advancement opportunities to workers.

“We will continue to position our people effectively in the emerging banking terrain as we continue to create a learning environment that encourages resourcefulness and innovation,’’ he said.

Ayeni said that the current financial year would be a period of defining growth for banks as they would contend with increased competition in the area of productivity.

The chairman said that Skye Bank would have to hone its skills in various aspects of lending and other auxiliary services to become leader in the markets.

The Managing Director of the bank, Mr Kehinde Durosinmi-Etti, said that the bank was expanding and strengthening the network of its electronic distribution channels including Point of Sales (PoS) terminals.

He said that the group recorded growth in major indices of performance, adding that the group recorded a 24.8 per cent growth in gross earnings.

Durosinmi-Etti said that gross earnings grew from N83.9 billion in 2010 to N104.8 billion in 2011.

The asset base of the company grew by 31.3 per cent to N927.1 billion from N705.9 billion recorded in 2010.

Its deposit liabilities rose to N658.1 billion in 2011 from N507.6 billion in 2010, reflecting a growth of 29.6 per cent.

The bank’s operating income also grew by 22.5 per cent from N60.8 billion in 2010 to N74.4 billion.