Polaris Bank records N28.9bn profit | Dailytrust

Polaris Bank records N28.9bn profit

Polaris Bank
Polaris Bank

Polaris Bank Limited has released its full-year audited financial results for the year ended December 2020 posting a Profit Before Tax (PBT) of N28.9 billion.

Details of the results show that its year 2020 performance reflects a four percent increase in Profit before Tax (PBT).

The performance is driven by the combination of the significant reduction in interest expense due to the Bank’s pursuit of low interest-bearing deposits as well as lowering impairment charges on loans and other financial assets. The Bank recorded Return on Asset (ROA) and Return on Equity (ROE) of 2.4% and 29.4%.

The Bank’s Total Assets stood at N1.18 trillion, a 3% growth on the previous year while Shareholders Funds grew by N14bn (17%), largely attributable to internally generated profits.

The Bank increased its Customer Deposits by N56bn, and increased its gross loan book by N38bn.

The Managing Director/Chief Executive Officer of the bank, Mr Innocent C. Ike, said: “Polaris Bank has achieved significant milestones since its inception on September 21, 2018 when it started this journey.

“2020 was arguably the most challenging year that the world has faced in decades owing to the negative impact of COVID-19 on businesses and the economy.

“Yet, the current result demonstrates the importance of the deployment of appropriate strategies, and effectively validates our recent investment in technology solutions and digitization of our products and processes.”

 

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