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Keystone Bank MD Panicks As CBN Questions Overbloated Profit Declarations

First Bank Nigeria
Keystone Bank MD, Philip Ikeazor
Keystone Bank MD, Philip Ikeazor

Last week KEYSTONE Bank Limited Announced  profit before tax of N2.8billion for the year ended December 31, 2012, compared to a loss of N7.9billion recorded in five months ended 31 December 2011.

Few hours after the profit was declared, the bank got a query from CBN on the wrong figures being circulated and asked it to immediately stop misinforming the public that the bank made profit rather than the loss it made.

This is the summary of the false report the bank released to the media. Similarly, total comprehensive income of the bank rose by 157 per cent, from a loss of N13.79billion to N7.81 billion, while customers’ deposits leapt from N282.75billion to N297.54billion during the review period.

Gross earnings also rose by 105 per cent, from N23.9 billion to N49billion, while total assets grew by 7 per cent, from N361.48 billion to N388.23 billion.

Speaking on the bank’s performance, the Managing Director of the bank,  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.”

We shall keep you posted on developments as the bank Md has been lobbying CBN Governor all through the weekend.



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