Nigeria’s Skye Bank Targets 30% Growth in Loans This Year

Skye Bank Plc, (SKYEBANK) a Nigerian lender, is targeting 30 percent growth in loans this year and a higher rate in the next few years, said Chief Executive Officer Kehinde Durosinmi-Etti.

“The bank is looking to attain 40 percent growth in lending in the next three to five years,” he said on a conference call today in Lagos, the commercial capital. “Return on equity is expected at 15 percent this year and to grow to 20 percent in the next three to five years.”

Skye Bank raised $100 million in seven-year debt from multilateral institutions in December, which will be used to achieve the lending targets, Durosinmi-Etti said.

“The bank also plans to grow deposits by 40 percent this year and over the next three to five years,” he said.

Skye Bank’s shares were unchanged at 3.96 naira by the close in Lagos today.

To contact the reporter on this story: Emele Onu in Lagos at eonu1@bloomberg.net

To contact the editor responsible for this story: Dulue Mbachu at dmbachu@bloomberg.net

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