Keystone Bank returns to profit, targets higher growth | Bizness Watch

Keystone Bank returns to profit, targets higher growth

Keystone Bank Limited has projected a modest 15 per cent growth in loan book this financial year.

The Chief Executive Officer of the bank, Mr. Philip Ikeazor, said the institution had returned to profit in the 2012 full year, and that the results would be released soon after the approval of the Central Bank of Nigeria CBN.The bank in a statement on Monday said it intended to improve on other key financial indicators such as profit and balance sheet.

Besides the return to profitability, other snippets of the result, he explained, included a stable and growing deposit base.

He said, “We are focused on growing quality risk assets, but in doing so the board and management are being careful not to repeat the mistakes of the past. We intend to grow deposit base and focus on low cost deposits.”

Ahead of plans by the bank’s shareholder- the Asset Management Corporation of Nigeria recapitalised the bank along with the two other bridged banks (Mainstreet Bank and Enterprise Bank) in the coming months, the bank chief assured of the enormous value that had been added to the three banks.

“If you inherit a bank that the balance sheet has been cleaned up, and which has low deposit base, you can grow the bank. It is better than a green field institution, where you have to develop everything from the scratch,” he said.


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