Keystone Bank Limited said it recorded a profit before tax of ₦3.72bn for the first quarter ended March 2018, compared with a loss of ₦2.79bn over the same period in 2017.
The lender said it delivered a strong financial result for the first quarter, after the moves by the new management team began yielding positive results after many years in the doldrums and following its recent acquisition by Sigma Golf-Riverbank consortium.
The bank said deposit grew by 42 per cent from ₦84bn to ₦283bn at the end of the first quarter.
It said the first quarter financial results indicated tangible profits in just eight months of taking over the helm of affairs after many years of struggling to stay afloat.
The Group Managing Director, Keystone Bank, Mr. Obeahon Ohiwerei, described the achievement as a testament to the hard work and resilience of the management and staff of the bank.
He said it had been the vision of the bank from inception to restore the confidence of all stakeholders with tangible results, adding that they were pleased with the positive start.
Ohiwerei, who stated that this was only the beginning of greater things to come for the bank, noted that the team was set to double its efforts in meeting and surpassing the expectations of its customers.