Skye Bank shareholders’ funds dip by N4.06bn for violating regulations — Report

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Skye Bank Plc shareholders’ funds dipped by N4.06 billion due to fines paid by the bank in 2015, the bank’s annual report submitted to the Nigerian Stock Exchange (NSE) showed on Tuesday.

According to the report, the fines were paid for contravening six regulations under the Banks and Other Financial Institutions Act (BOFIA) guidelines.

A breakdown of the figure showed that it paid N4.01 billion for late remittance of FGN MDAs deposit to Treasury Single Account (TSA).

Skye bank paid N22 million for inadequate disclosure of public sector accounts during the period under review.

Skye bank was also fined N16 million for infractions on risk assessment of the bank and N14 million for various infractions on anti-money laundering and combating financing of terrorism.

A further breakdown showed that it was find N4 million for failure to meet the TSA deadline and N2 million penalty for facilities granted to public sector (state government).

The News Agency of Nigeria (NAN) reports that the bank in the financial year ended Dec. 31, 2015, reported a loss before tax of N37.65 billion.

This is against the N19.45 billion reported in the comparative period of 2014.

The bank’s interest income stood at N127.91 billion compared with N107.85 billion reported in the preceding period.

Its net operating income dropped to N50. 40 billion against N78.31 billion posted in the previous period of 2014.
(NAN)

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