Keystone Bank returns to profitability with N3.7 billion


After many years in the doldrums and following its most recent acquisition by Sigma Golf-Riverbank consortium, the moves by the new management team at Keystone Bank Limited has begun yielding fruits.

The bank for the quarter ended March 31, 2018, recorded a profit before tax of N3.72 billion, compared with a loss of N2.79 billion over the same period in 2017.

Deposit grew 42% or N84 billion to N283 billion at the end of the quarter March 2018.

The bank had recently posted its first quarter financial results, which indicated significant profits in just eight months of taking over the helm of affairs after many years of struggling to stay afloat.

Recall that following the successful completion of 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 Direct and Chief Executive Officer, Obeahon Ohiwerei.

In less than one year, the bank has experienced tremendous transformation in all ramifications, including revamping all its branches across the country and bolstering its workforce.

It has also invested substantially in technology and developed fully integrated service models that enable 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 re positioned the bank to compete effectively in the sector.

Ohiwerei said: “This achievement is a testament to the hard work 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.”

He 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.