April 26 (Lagos) - Skye Bank plc announced that it will boost return on equity (ROE) to around 15 percent by the year-end from 4.7 percent in 2011 and grow its loan book by 30 %.
It achieved a 22 percent growth in loans in 2011 to 519.7 billion naira ($3.31 billion) by targeting oil and gas, construction, public sector and general commerce, the bank said in an investor briefing on its 2011 full year results.
But its pre-tax profit fell 45.5 % to 6.51 billion naira in 2011. Skye did not provide an explanation for the fall in the presentation.
The mid-tier lender has 249 offices in Nigeria and three bank subsidiaries in West Africa - Gambia, Guinea and Sierra Leone. It said its 3-5 year plan was to grow loans by around 40 % with ROE reaching 20 %.
Lending to Africa's second biggest economy had started to recover after a banking crisis that led to a $4 billion bailout of nine bankrupt lenders in 2009. Skye wasn't among them.
Syke's rivals - First Bank, United Bank for Africa (UBA) -- have also announced loan growth of around 10 percent or more for 2012.
reporting for easykobo.com on Thursday, April 26 2012 from Lagos, Nigeria