The rating expires on 30 June 2022.
The rating assigned to Keystone Bank Limited (‘Keystone Bank’ or ‘the Bank’) reflects the Bank’s moderate retail franchise, particularly in Northern Nigeria and the well-experienced management team. The rating also recognises the pressures on profitability due to high operating expenses as well as weak asset quality. The Bank’s rating is also reflective of the capital inadequacy that hinders growth and does not provide a buffer for the weak operating environment which has been accentuated by the pandemic.
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