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Keystone Bank posts N2.8b 2012 profit

By on August 28, 2013

The management of Keystone Bank Limited, on Monday gave potential buyers something to look forward to, when it reported a 105 per cent growth in gross earnings income, just as it turned the corner with a profit before tax for the year ended December 31, 2012.

Earnings rose from N23.9 billion to N49 billion within the period, while profit before tax stood at N2.8 billion, as against a loss of N7.9 billion in five months ended 31 December 2011.

Keystone Bank, Enterprise Bank and Mainstreet Bank, commenced business in August 2011, from the rubbles of the nationalisation of Bank PHB Plc, Spring Bank Plc and Afribank Plc, following realisation by the Central Bank of Nigeria (CBN) that they were unlikely to meet the timeline for recapitalisation.

According to the result approved for Keystone Bank, total assets for the period grew by 7 per cent, from N361.48 billion to N388.23 billion; total comprehensive Income of the Bank rose by 157 per cent, from a loss of N13.79 billion to N7.81 billion, while customer deposits leapt from N282.75billion to N297.54 billion during the review period.

Speaking on the bank’s performance, the Managing Director of the bank, Mr. Philip Ikeazor said the plan to grow Keystone Bank from August 2011 was based on three primary elements. “The first was to ensure a robust IT and E-Banking platform is in place and upgraded for prime efficiency. The second was to focus our customer service. The third is to return the bank to profitability and grow market share.”

 

 

[Daily Independent]