LAGOS, MAY 30, 2018 – Keystone Bank has posted N3.72 billion profit before tax for the first quarter ended March 31, 2018.
The profit is an improvement from the N2.79 billion loss posted over the same period in 2017. Deposit grew by 42 per cent or N84 billion to N283 billion at the end of the period.
The bank recently posted its first quarter financial results, which indicated tangible profits in just eight months of taking over the helm of affairs after many years of struggling to stay afloat.
Following the successful completion of Asset Management Corporation of Nigeria (AMCON’s) divestment from the bank, a five-man transitional board was set up to oversee its re-positioning for growth and competitiveness. The transitional arrangement was successfully concluded on August 15, 2017 with the assumption of office of the substantive Managing Director/CEO.
In less than one year, the bank has experienced tremendous transformation in all ramifications. Aside revamping all its branches across the country and bolstering its workforce, it has invested substantially in technology and developed fully integrated service models that enabled customers access banking services through a wide range of channels.
The Keystone mobile banking application boasts of several unique features such as the ability to bank with zero data, the Oxygen Chat Banking and several others that have repositioned the bank to compete effectively in the sector.
Speaking on the development, the Keystone Bank Limited Group Managing Director/CEO, Mr. Obeahon Ohiwerei said:“This achievement is a testament to the hardwork and resilience of the management and staff of the bank. From inception it has been our vision to restore the confidence of all our stakeholders with tangible results and we are indeed, pleased with this start.”
Mr. Ohiwerei stressed that this was only the beginning of greater things to come, noting that the team was set to double its efforts in meeting and surpassing the expectations of its customers. “It was not an easy journey,” he said.
