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Skye Bank to boost return on equity to 15 % in 2012

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Skye Bank said yesterday 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 percent.
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 percent 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 percent with ROE reaching 20 percent.
Syke’s rivals - First Bank, United Bank for Africa (UBA) — have also announced loan growth of around 10 percent or more for 2012. (Reuters)

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