Polaris Bank Limited has recorded a profit before tax (PBT) of N27.8 billion for the financial year ended December 31, 2019. According to the statement by the bank at the weekend, the performance followed the turn-around initiatives undertaken by its leadership led by the Managing Director/Chief Executive Officer (MD/CEO), Mr. Adetokunbo Abiru.
In addition, Polaris Bank Limited posted gross earnings figure of N150.8 billion within in the first full year of operations. The bank also closed the 2019 financial year with total assets of N1 trillion and shareholders’ funds of N83 billion, while it ended with capital adequacy ratio of 14 per cent and liquidity ratio of 81 per cent, which it stated were well above regulatory requirements.
The bank’s customer deposits stood at N857.9 billion even as it continues to focus on stable, low-cost deposits and well-diversified portfolio devoid of high concentration. Similarly, loan book stood at N261billion providing the bank with the desired headroom to accommodate required growth in risk assets to support the nation’s economic growth.
The bank also recorded a return on equity (ROE) and return on assets (ROA) of 33 per cent and 2.4 per cent respectively.
Commenting on the results, Abiru 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 the nation’s challenging banking space.
“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.”
According to him, in 2020, despite the challenging macroeconomic environment, the bank remains poised to reap the benefits of its investment in both the capacity of its employees to improve service experience as well as in critical infrastructures that will support the digitalisation of its operations.
The bank said it is a future-determining bank committed to the delivery of industry-defining products, services, and digital platforms across all the sectors of the Nigerian economy. The Bank is a member of the United Nations Environment Programme Finance Initiative (UNEP FI), which seeks to engage the private sector and the global financial sector to help create a financial sector that serves people and the planet while delivering positive impact.