Skye Bank recovers N60bn debt in one year

Skye Bank recovers N60bn debt in one year

SKYE Bank Plc has said it recovered over N60 billion of outstanding bad loans over the past one year.
The bank in a statement signed by its Chairman and Group Managing Director, M. K Ahmad and Tokunbo Abiru said, “We have also reached settlement and restructuring agreements with many of the chronic bad debtors resulting in substantially improved payments and prospects of future recoveries.”
The bank noted that through the support of its regulators, the Central Bank of Nigeria, it has successfully embarked on initiatives to restructure and reposition the bank based on its broad mandate which includes cost management and optimization, as well as divestments to improve the institution’s financial position.
Such cost containment measures, it says, include branch rationalization, review of service contracts and cash management operations which have resulted in hundreds of millions of financial savings.
Further noting some of its achievements, the bank stated that it has successfully arrested and managed the post-intervention situation and have to a large extent, stemmed the tide and reduced deposit loss, thereby restoring customer confidence and stabilizing the institution.
It further noted that the new management has successfully settled many matured trade and bilateral obligations and restructured outstanding balances with the relevant institutions and counter parties.
The bank also reported that it has fully divested from four local subsidiaries releasing total cash value of N6.2 billion, and was in the process of divesting from others.