Fidelity and Skye Banks’2011 profits drop

Channels Television  
Updated April 16, 2012

Fidelity Bank said on Monday its pre-tax profit for 2011 fell 11.32 per cent to N7.67 billion from N8.65 billion in the previous year.

The bank disclosed this in a statement it forwarded to the Nigerian Stock Exchange.

Gross earnings rose to N70.04 billion, from N56.04 billion in 2010, the bank said.

It also declared a dividend of N0.14 per share.

Fidelity Bank shares rose 4.93 per cent, almost the 5 per cent maximum allowed in a day’s trading on the local bourse, on Monday to N1.49 per share, after it announced it’s earning results.

Skye Bank profit fells despite rising revenue

Similarly, Skye Bank on Monday said its pre-tax profit fell by 45.5 per cent to N6.51 billion in 2011, down from N12.73 billion the previous year, and it declared a dividend of N0.25 per share.

Gross earnings rose to N104.83 billion for 2011, from N83.97 billion in 2010, the bank said in a statement through the Nigerian Stock Exchange.

It did not explain the fall in profit despite rising revenues, but a number of Nigerian banks have issued disappointing results for 2011 because of write downs of non-performing loans left over from a 2008/9 banking crisis.