Polaris Bank Announces Profit of N27.8bn for 2019

• Polaris Bank Announces Profit of N27.8bn for 2019

Polaris Bank Limited grew profit before tax to N27.8 billion in the financial year ended December 31, 2020.

The lender’s gross earnings stood at N150.8 billion in the period under review. While the bank’s total assets and Shareholders Fund were N1.1 trillion and N83 billion, respectively.

In the audited financial results, Polaris Capital Adequacy and liquidity ratios stood at 14 percent and 81 percent in 2019, well above the CBN requirements.

Customer deposits rose to N857.9 billion despite the bank’s focus on stable, low-cost deposits and well-diversified portfolio devoid of high concentration.

Accordingly, the loan book stood at N261 billion as of December 31, 2019 to provide the bank enough space to accommodate economic uncertainties and risk associated with the banking system.

On Return on Equity (ROE) and Return on Assets (ROA), the lender recorded 33.0 percent and 2.4 percent respectively for the period under review.

Speaking on the bank’s performance, Mr. Adetokunbo Abiru, the Managing Director/Chief Executive Officer, Polaris Bank Limited, said: “the emergence of Polaris Bank on September 21, 2018, has heralded a new dawn as it laid the foundation for institutional competitiveness and service innovation in Nigeria’s challenging banking space.”

He further stated that “Our strategy which anchors on rebuilding the franchise and strengthening the balance sheet position provide enablers for ongoing initiatives towards lean operations and efficient balance sheet management devoid of capital erosion risks.

Comment on the bank’s new corporate governance, Abiru, said: “We shall continue to run an ethically governed Bank upholding sound risk management practices and proactively taking measures to mitigate the impact of the adverse business environment while the Board and Management continue to guide the Bank towards a path of sustainable growth.”